The Dow Jones Industrial Average closed at 20,943.51 on Wednesday with a loss of 973.65 points or -4.44%. The S&P 500 closed at 2,470.50 for a loss of 114.09 points or -4.41%. The Nasdaq Composite closed at 7,360.58 for a loss of 339.52 points or -4.41%. The VIX Volatility Index was higher at 57.07 for a gain of 3.53 points or 6.59%.
Wednesday’s market movers
U.S. indexes started the new month with a loss. President Trump issued a new warning on the coronavirus pandemic, suggesting the potential for 240,000 deaths. Florida’s governor also announced statewide restrictions. The nation’s infection count continued to increase, topping all other countries at approximately 205,000.
Key data reports for the day included readings on employment and manufacturing. The ADP private sector employment report showed a decrease in payrolls of 27,000 in March. The ISM and Markit Manufacturing PMIs were both lower at 49.1 and 48.5 respectively.
The S&P 500 energy sector fell 4.96% despite the Trump administration’s newly announced efforts. President Trump has announced talks between Russia and the U.S. for help in the oil market. On Wednesday, the president also said he would be meeting with oil executives to discuss aid.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index increased 15.3% and the MBA’s average 30-year mortgage rate decreased to 3.47%.
- The ADP private sector employment report showed a decrease in payrolls of 27,000, following an increase of 179,000 in February and below the estimate of -170,000.
- The ISM Manufacturing PMI decreased to 49.1 in March from 50.1, beating the estimate of 44. Separately, the ISM Manufacturing Prices Index fell to 37.4 from 45.9, the ISM Manufacturing Employment Index fell to 43.8 from 46.9 and the ISM Manufacturing New Orders Index fell to 42.2 from 49.8.
- The Markit Manufacturing PMI decreased to 48.5 in March from 50.7, falling below the estimate of 49.2.
- Construction spending decreased 1.3% in February.
- The EIA’s Weekly Petroleum Status report showed crude oil stock inventory up 13.834 million barrels.
In the S&P 500, real estate and financials led losses. In the Dow Jones Industrial Average, the following stocks led losses:
- Boeing (BA, Financial) -12.28%
- American Express (AXP, Financial) -9.79%
- Dow Inc. (DOW, Financial) -6.87%
- JPMorgan (JPM, Financial) -6.52%
Small-cap stocks
In small-caps, the Russell 2000 closed at 1,071.99 for a loss of 81.11 points or -7.03%. The S&P 600 closed at 635.66 for a loss of 49.18 points or -7.18%. The Dow Jones U.S. Small-Cap Growth Index closed at 7,186.28 for a loss of 495.83 points or -6.45%. The Dow Jones U.S. Small-Cap Value Index closed at 5,476.70 for a loss of 386.57 points or -6.59%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,361.21 for a loss of 82.19 points or -5.69%; the S&P 100 at 1,139.31 for a loss of 48.17 points or -4.06%; the Nasdaq 100 at 7,486.29 for a loss of 327.21 points or -4.19%; the Russell 3000 at 1,420.42 for a loss of 69.15 points or -4.64%; the Russell 1000 at 1,352.81 for a loss of 63.68 points or -4.50%; the Wilshire 5000 at 24,841.13 for a loss of 1,204.47 points or -4.62%; and the Dow Jones U.S. Select Dividend Index at 499.51 for a loss of 28.27 points or 5.36%.
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