Dow closes down about 405 points as Brent tops $100
U.S. stocks settled lower on Wednesday, with the Dow Jones falling about 405 points to 52,380.66. Brent crude pushed above $100 a barrel and the 10-year Treasury yield climbed to a three-year high.
The CNN Money Fear and Greed Index was unchanged on Wednesday and stayed in the “Fear” zone. U.S. stocks finished lower, with the Dow Jones down more than 400 points during the session as Brent crude rose above $100 a barrel for the first time since July and the 10-year Treasury yield hit a three-year high. Markets are pricing about a 60% chance of a 25-basis-point Fed hike after Friday’s strong jobs report, and a Reuters poll published Wednesday showed more economists now expect at least one increase.
Producer prices are due Thursday, while the consumer price index is set for Friday, with headline CPI seen at 3.4% and core at 2.4%. Core & Main Inc. reported upbeat second-quarter earnings. Signet Jewelers Ltd.
shares jumped 24% on Wednesday after the company posted better-than-expected second-quarter earnings and raised FY27 adjusted EPS guidance. Mortgage applications volume fell 2.7% in the first week of September. Most sectors on The S&P 500 ended lower on Wednesday, with industrials, consumer discretionary and utilities posting the biggest declines. Energy shares moved against the broader trend and finished higher.
The Dow Jones closed down about 405 points at 52,380.66. The S&P 500 fell 0.48% to 7,636.36, and the Nasdaq Composite declined 0.64% to 26,253.34. Investors are waiting for earnings from Macy’s Inc. (NYSE: M), Adobe Inc.
(NASDAQ: ADBE) and Oracle Corp. (NYSE: ORCL) today. CNN Business Fear & Greed Index held at 38.9 on Wednesday, remaining in the “Fear” zone versus a prior reading of 38.9. The index runs from 0 to 100, with 0 representing maximum fear and 100 maximum greed.