AI Summary
US stocks closed lower on Wednesday, extending recent losses amid continued selloffs in technology shares, US President Donald Trump’s hints at military escalation between Washington and Tehran, and accelerating US inflation.
The Dow Jones Industrial Average fell 1.87%, or 953 points, to 49,918.
The S&P 500 declined 1.62%, or 119 points, to 7,266, while the Nasdaq Composite dropped 1.98%, or 509 points, to 25,169.
In Europe, the Stoxx Europe 600 index was unchanged at 618 points.
The UK’s FTSE 100 rose 0.27% to 10,254 points, while Germany's DAX edged down 0.97% to 24,195 points. France's CAC 40 fell 0.51% to 8,161 points.
In Asia, Japan's Nikkei 225 shed 1.90% to 64,179 points, while the broader Topix index declined 1.25% to 3,847.
In commodities, benchmark crude futures for August delivery rose 1.80%, or $1.65, to $93.10 a barrel.
US WTI crude futures for July delivery gained about 2%, or $1.83, to $90.03 a barrel.
Gold futures for August delivery fell 3.57%, or $153.10, to $4,133.30 an ounce after breaking below a key technical support level.
Market Drivers
Trump's threats, coupled with fears of a military escalation between Washington and Tehran, drove the US inflation to its highest level in three years, reinforcing bets on interest-rate increases this year and prompting investors to move away from risk assets despite the continued rally in chip stocks.
Be the first to comment
Comments Analysis: