US stocks gave up previous day gains to end lower on Wednesday as concerns about the outlook for the U.S. economy continued to hang over the markets. The major averages on the Wall Street ended the day just off their lows of the session. The Nasdaq slumped 171.05 points or 1.1 percent to 16,195.81, the S&P 500 slid 40.53 points or 0.8 percent to 5,199.50 and the Dow fell 234.21 points or 0.6 percent to 38,763.45. Tuesdays gains came as Bank of Japan offered investors some confidence after Deputy Governor Shinichi Uchida said the central bank will refrain from hiking interest rates when the markets are unstable.
Consumer discretionary sector dragged the most, led by a 4.4% fall in shares of Tesla, followed by materials and technology. On the earnings front, Disney shares declined 4.4% due to concerns over its park business despite reporting its first-ever profit in its streaming unit. Airbnb’s stock sank 13.4% after lowered forecast for the current quarter. Super Micro plunged 20.1% as margins fell short. CVS Health dropped 3.2%.
Investors look ahead to a report on weekly jobless claims on Thursday. The yield on the benchmark ten-year note, which moves opposite of its price, was at 3.968 percent while dollar index slipped back below 103 mark to be quoting at 102.83.
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First Published: Aug 08 2024 | 10:35 AM IST
