Financials Lead Wall Street Lower
S&P 500, Dow Jones, Nasdaq declined on Wednesday.
The Dow and broader U.S. stock market declined on Wednesday, as most major sectors finished in the red.
All of Wall Street’s major indices were lower at the close, with the Dow Jones Industrial Average (DIA) declining 152.15 points, or 0.4%, to 34,447.67.
The broad S&P 500 Index (SPY) of large-cap stocks finished down 0.2% at 4,219.61. Most sectors finished lower, with financials leading the decline. Industrials and materials companies also declined.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) declined 0.1% to finish at 13,911.75.
A measure of implied volatility known as the CBOE VIX (VXX) traded within a narrower range on Wednesday. The so-called “investor fear index” reached an intraday high of 17.95 on a scale of 1-100, where 20 represents the historical average. It would eventually settle up 4.9% at 17.90.
In commodities, oil prices edged lower on Wednesday, with U.S. West Texas Intermediate futures falling 33 cents, or 0.5%, to $69.72 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, declined 22 cents, or 0.3%, to $72.00 a barrel.
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In precious metals, gold edged lower on Wednesday, as the August futures contract fell $2.70, or 0.1%, to $1,891.70 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures advanced 20 cents, or 0.7%, to $27.94 a troy ounce.
The Final Word: U.S. equities are struggling for direction as trade volumes continue to recede ahead of the summer lull period. The majors continue to trade within a narrow range, as investors search for fresh trading catalysts.