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US exchanges start this month with notable declines
(MENAFN) On Tuesday, major stock exchanges in the US experienced notable declines, marking a challenging start to September. The Dow Jones Industrial Average dropped by 436 points, or 1.05 percent, settling at 41,128 at 10:10 a.m. EDT (1410 GMT). This decline follows a robust August, during which the Dow rose nearly 1.8 percent and achieved its fourth consecutive month of gains.
Similarly, the S&P 500 fell by 66 points, or 1.18 percent, to 5,580. The index, which had climbed 2.3 percent in August, reflected the broader market's difficulties as it faced a rough opening to the new month. The Nasdaq Composite also faced a substantial decline, plummeting 289 points, or 1.63 percent, to 17,424, despite a modest 0.7 percent increase in August.
The VIX volatility index, often referred to as the "fear index," saw a significant rise of 15.5 percent, reaching 17.97. This uptick in volatility underscores the heightened market uncertainty. Meanwhile, the yield on the 10-year US Treasury note fell by 2.2 percent, landing at 3.824 percent, indicating a flight to safer assets amid the market turbulence.
The dollar index experienced a slight dip of 0.03 percent, settling at 101.62. The euro also decreased by 0.21 percent, trading at USD1.1048 against the US dollar. In commodities, precious metals faced declines with gold decreasing by 0.76 percent to USD2,480 per ounce and silver dropping 2.4 percent to USD27.85. Oil prices were hit hard, with Brent crude falling around 4 percent to USD74.19 per barrel and West Texas Intermediate (WTI) also down to USD70.72 per barrel.
Similarly, the S&P 500 fell by 66 points, or 1.18 percent, to 5,580. The index, which had climbed 2.3 percent in August, reflected the broader market's difficulties as it faced a rough opening to the new month. The Nasdaq Composite also faced a substantial decline, plummeting 289 points, or 1.63 percent, to 17,424, despite a modest 0.7 percent increase in August.
The VIX volatility index, often referred to as the "fear index," saw a significant rise of 15.5 percent, reaching 17.97. This uptick in volatility underscores the heightened market uncertainty. Meanwhile, the yield on the 10-year US Treasury note fell by 2.2 percent, landing at 3.824 percent, indicating a flight to safer assets amid the market turbulence.
The dollar index experienced a slight dip of 0.03 percent, settling at 101.62. The euro also decreased by 0.21 percent, trading at USD1.1048 against the US dollar. In commodities, precious metals faced declines with gold decreasing by 0.76 percent to USD2,480 per ounce and silver dropping 2.4 percent to USD27.85. Oil prices were hit hard, with Brent crude falling around 4 percent to USD74.19 per barrel and West Texas Intermediate (WTI) also down to USD70.72 per barrel.
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