US shares show declines on Wednesday’s session end, failing to rebound from losses

(MENAFN) On Wednesday, US stocks closed lower, continuing the downward trend triggered by recession concerns that had previously unsettled global markets. The Dow Jones Industrial Average dropped by 234 points, or 0.6 percent, ending the session at 38,763. This decline followed significant losses over the past few days, with the index falling 2.6 percent on Monday and 1.51 percent on Friday, before a partial recovery of 1.27 percent on Tuesday.

The S&P 500 also fell, losing 40 points, or 0.77 percent, to settle at 5,199. This decrease came after a sharp drop of 3 percent in the previous session and a 1.84 percent decline at the end of last week. Despite a 1.76 percent gain on Tuesday, the index was unable to sustain its recovery and closed lower for the day. Similarly, the Nasdaq Composite saw a decline of 171 points, or 1.05 percent, finishing at 16,195. The tech-heavy index had previously plunged 3.43 percent on Monday and 2.43 percent on Friday, though it managed a 1.77 percent rise on Tuesday.

The VIX volatility index, often referred to as the fear index, rose by 0.5 percent to 27.85. This increase followed a dramatic 59 percent surge to 37.20 on Monday, with a subsequent 35 percent drop on Tuesday. In the bond market, the 10-year US Treasury yield increased by 1.5 percent to 3.942 percent, recovering from its lowest point since July 2023 reached on Monday. Meanwhile, the dollar index edged up by 0.22 percent to 103.19, and the euro saw a minor gain of 0.02 percent to USD1.0923 against the US dollar.

In commodity markets, precious metals were in negative territory, with gold decreasing by 0.28 percent to USD2,383 per ounce and silver falling 1.3 percent to USD26.60. Conversely, oil prices experienced a rise of approximately 1.5 percent, with global benchmark Brent crude also showing positive movement.

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