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Julie Young
Julie Young
Articles (1029) 

US Market Indexes Close Lower on Wednesday

New tariff threats on $200 billion worth of Chinese imports halt consecutive gains for US equities

The Dow Jones Industrial Average closed at 24,700.45 on Wednesday with a loss of -219.21 points or -0.88%. The S&P 500 closed at 2,774.02 for a loss of -19.82 points or -0.71%. The Nasdaq Composite closed at 7,716.61 for a loss of -42.59 points or -0.55%. The VIX Volatility Index was higher at 13.57 for a gain of 0.93 points or 7.36%.

Wednesday’s market movers

Trade concerns halted a fifth day of consecutive gains for U.S. market indexes. The Trump administration’s threats to tax imports on an additional $200 billion worth of goods from China led to equity market losses Wednesday. If imposed, China could be forced to pay new tariffs on $250 billion of imported goods to the U.S.

Sectors leading losses for the day included energy, materials and industrials. Top detractors included U.S. Cellular (NYSE:USM), Chesapeake Energy (NYSE:CHK) and American Superconductor (NASDAQ:AMSC).

Economic reports affecting market trading included the following:

  • The Mortgage Bankers Association’s mortgage applications index increased 2.5% for the week.
  • The Producer Price Index increased 0.3% for the month and 3.4% for the year.
  • Wholesale inventories increased 0.6% for the month.
  • The EIA Petroleum Status report showed a decrease of -12.6 million barrels in oil inventory for the week.
  • The Treasury held an auction for 10-year notes at a rate of 2.875%.

In the Dow Jones Industrial Average, the following stocks led losses:

Small-cap stocks

In small-caps, the Russell 2000 Index closed at 1,683.66 for a loss of -11.96 points or -0.71%. The S&P 600 closed at 1,044.24 for a loss of -8.15 points or -0.77%. The Dow Jones Small-Cap Growth TSM Index closed at 10,410.16 for a loss of -74.23 points or -0.71%. The Dow Jones Small-Cap Value TSM Index closed at 10,521.18 for a loss of -81.46 points or -0.77%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,991.48 for a loss of -16.64 points or -0.83%; the S&P 100 at 1,221.77 for a loss of -8.12 points or -0.66%; the Russell 3000 at 1,652.86 for a loss of -11.67 points or -0.70%; the Russell 1000 at 1,541.07 for a loss of -10.87 points or -0.70%; and the Dow Jones U.S. Select Dividend Index at 707.80 for a loss of -4.58 points or -0.64%.

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 holds a Master of Science degree in finance from Boston College and a Bachelor of Science degree in finance from the University of Arkansas.

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