- US stocks closed down on Wednesday after extending losses late in the trading session.
- The Nasdaq led the market decline while, the energy sector was the biggest loser on the S&P 500.
- Oil prices dropped as investors grew worried over the resurgence of COVID-19 infections in China.
US stocks ended lower on Wednesday after extending losses late in the trading session, as oil prices dropped on fears of lower Chinese demand.
The Nasdaq led the market decline, while the energy sector was the biggest loser on the S&P 500. COVID-19 infections are still surging in China, adding to worries that Beijing is rushing to reopen the economy after news on Monday that China the will no longer require inbound travelers to quarantine.
Meanwhile, Tesla stock avoided its longest-ever slump, scratching out a slim gain after seven consecutive declines.
Here’s where US indexes stood shortly after the 4:30 p.m. market close on Wednesday:
Here’s what else is going on:
In commodities, bonds, and crypto:
- Oil prices fell, with West Texas Intermediate down 1.07% at $78.67 a barrel. Brent crude, the international benchmark, declined 1.24% to $83.23 a barrel.
- Gold dipped 0.50% to $1,804.72 per ounce.
- The 10-year yield gained 2.7 basis points to 3.885%.
- Bitcoin pulled back 0.20% to $16,607.63.
