(MENAFN) The S&P 500 and Nasdaq saw a drop of 1 percent each as US shares ended with decreases on Wednesday following a Federal Reserve official cautioned that interest rates might surge for longer than estimated.
The S&P 500 declined by 46.14 points, or 1.11 percent, to end the session standing at 4,117.86. The tech-heavy Nasdaq plummeted 203.27 points, or 1.68 percent, to reach 11,910.52.
The Dow Jones Industrial Average saw a fall of 207.68 points, or 0.61 percent, to end the day standing at 33,949.01.
"Inflation remains quite elevated, and so more needs to be done," Fed Governor Christopher Waller stated that at the 2023 Arkansas State University Agribusiness meeting.
"Though we have made progress reducing inflation...it might be a long fight, with interest rates higher for longer than some are currently expecting," he also mentioned.
The VIX volatility index, also recognized as the fear index, climbed 5.1 percent to reach 19.61, whereas the 10-year US Treasury yield saw a drop of 1.4 percent to reach 3.621 percent.
The dollar index jumped 0.05 percent to reach 103.48, whereas the euro declined 0.1 percent to USD1.0713 in comparison with the dollar.
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