US exchanges open Wednesday’s session with mixed performances

(MENAFN) Major US stock exchanges opened mixed on Wednesday, recovering somewhat from the sharp declines experienced in the previous session. The Dow Jones Industrial Average saw a modest increase of 126 points, or 0.31 percent, reaching 41,063 by 9:39 a.m. EDT (1339GMT). In contrast, the S&P 500 experienced a slight dip, falling eight points, or 0.16 percent, to 5,520. The Nasdaq Composite also declined, dropping 123 points, or 0.72 percent, to 17,010. The mixed opening followed a particularly rough day for the markets on Tuesday, which marked the worst performance for the major indices since the global stock market sell-off on August 5. This decline was fueled by concerns of a potential recession in the US, exacerbated by weak production and manufacturing data.

The volatility index, known as the VIX or the fear index, surged by 4.6 percent to 21.67 on Tuesday, reflecting heightened investor anxiety. At the same time, the 10-year US Treasury yield decreased by 0.69 percent to 3.815 percent, indicating a flight to safety among investors. The dollar index also fell by 0.2 percent to 101.62, while the euro gained slightly, rising 0.1 percent to USD1.1054 against the US dollar. These movements in currency and bond markets mirrored the uncertainty and shifting sentiments among investors.

In the commodities sector, precious metals exhibited mixed performance. Gold prices edged down by 0.26 percent to USD2,486 per ounce, reflecting a slight retreat in demand. Conversely, silver prices experienced a modest increase of 0.17 percent, reaching USD28.09 per ounce. This variation in precious metals prices illustrates the divergent trends within the commodities market amid ongoing economic concerns.

Oil prices also faced declines, with Brent crude, the global benchmark, falling nearly 1 percent to USD73.11 per barrel. Similarly, US benchmark West Texas Intermediate crude dropped to USD69.70 per barrel. These decreases in oil prices reflect broader market sentiment and concerns over economic conditions, which are influencing both financial and commodity markets.

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