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Julie Young
Julie Young
Articles (1507) 

US Indexes Close Lower Wednesday

Nasdaq down -3.02%

The Dow Jones Industrial Average closed at 26,763.13 on Wednesday with a loss of 525.05 points or -1.92%. The S&P 500 closed at 3,236.92 for a loss of 78.65 points or -2.37%. The Nasdaq Composite closed at 10,632.99 for a loss of 330.65 points or -3.02%. The VIX Volatility Index was higher at 28.58 for a gain of 1.72 points or 6.40%.

Wednesday's Market Movers

U.S. indexes ended lower Wednesday after beating a four-day selloff in the previous day's trading. Investors were wary of any more economic stimulus from the government after the House passed a spending bill that would stop the government from shutting down at the end of the fiscal year (Sept. 30), keeping it running through Dec. 11. The spending bill has yet to clear the Senate.

Across sectors the S&P 500 energy sector led losses, losing -4.52%. The Nasdaq Biotech Index was down -1.27%, led by Wave Life Sciences (NASDAQ:WVE) with a loss of -36.74%.

Other stock highlights for the day included:

  • A gain of 8.76% by Nike (NYSE:NKE) after its strong earnings release.
  • Positive news from Johnson & Johnson (NYSE:JNJ) on final stage testing for its Covid-19 vaccine.
  • Amazon (NASDAQ:AMZN) said an advertising partnership with Echelon does not exist for the company's newest indoor bike.
  • Tesla (NASDAQ:TSLA) says it will sue the U.S. government over tariffs on China.
  • Tech stocks were hurt by the news of a proposal calling for more action on content monitoring for internet companies.

In other news:

  • Fed Chair Powell was on Capitol Hill for a second day, appearing Wednesday before the House Select Subcommittee to discuss the Coronavirus crisis.
  • The MBA Mortgage Applications Index increased 6.8% following a decrease of -2.5%. The MBA's average 30-year mortgage rate increased to 3.10% from 3.07%.
  • The FHFA House Price Index increased 1% in July and 6.5% year over year.
  • The Markit Composite PMI decreased to 54.4 in September from 54.6. The Markit Manufacturing PMI increased to 53.5 from 53.1. The Markit Services PMI decreased to 54.6 from 55.
  • The Treasury held auctions for five-year notes at a rate of 0.275% and two-year notes at a rate of 0.058%.
  • California says it plans to stop gas-powered car sales by 2035.
  • Crude oil inventory decreased by 2.4 million barrels, according to the EIA's Weekly Petroleum Status Report.

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 1,451.46 for a loss of 45.50 points or -3.04%. The S&P 600 closed at 822.63 for a loss of 23.55 points or -2.78%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,316.07 for a loss of 284.51 points or -2.68%. The Dow Jones U.S. Small-Cap Value Index closed at 6,559.83 for a loss of 194.27 points or -2.88%.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,792.09 for a loss of 41.63 points or -2.27%; the S&P 100 at 1,499.69 for a loss of 38.79 points or -2.52%; the Nasdaq 100 at 10,833.33 for a loss of 353.04 points or -3.16%; the Russell 3000 at 1,893.68 for a loss of 47.53 points or -2.45%; the Russell 1000 at 1,801.83 for a loss of 44.56 points or -2.41%; the Wilshire 5000 at 33,042.24 for a loss of 840.19 points or -2.48%; and the Dow Jones US Select Dividend Index at 567.73 for a loss of 12.67 points or -2.18%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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