US stocks close lower as Dow Jones sheds over 800 pts

The Dow Jones Industrial Average fell by 1.91%, or 816 points, to close at 41,860 points.

The S&P 500 declined 1.61%, losing 95 points to end at 5,844 points, while the Nasdaq Composite dropped 1.41%, or 270 points, to settle at 18,872 points.

The declines came as sovereign bond yields rose, with the 30-year Treasury yield surpassing the 5% mark for the second time this week, following the impact of Moody’s downgrade of the US credit rating.

The Stoxx Europe 600 index was flat at 553 points, maintaining a 9.1% gain since the start of the year.

Germany’s DAX rose 0.35% to 24,122 points, while France’s CAC 40 slipped 0.40% to 7,910 points, and the UK’s FTSE 100 remained steady at 8,786 points.

Japan’s Nikkei 225 fell 0.60% to 37,298 points, and the broader Topix index edged down 0.20% to 2,732 points.

Brent crude futures for July delivery fell by 0.72%, or 47 cents, to $64.91 per barrel, after rising 1.6% earlier in the session.

US WTI crude futures for July delivery, the most actively traded contract, dropped by 0.74%, or 46 cents, to $61.57 per barrel.

June gold futures rose by 0.90%, or $28.90, to $3,313.50 per ounce at settlement.

These moves coincided with a decline in the US dollar, as investor confidence weakened amid trade tensions and the downgrade of the US sovereign credit rating.