Nasdaq drops 1.2% as US stocks fall: Market update
U.S. stocks closed lower on Wednesday as major benchmarks ended their latest winning streak.
The S&P 500 fell 0.63% while the Nasdaq fell 1.21% to close in the red amid further selling in tech stocks. The Dow Jones Industrial Average fell 0.19% as benchmarks ended a four-day winning streak that had stretched since Friday last week.
The decline in equities matches a largely choppy March, which was punctuated by uncertainty, fear, and concerns over Russia and Ukraine. Inflation and central bank monetary policies also played a role in investor sentiment.
Oil prices rose on Wednesday, for the first time this week. U.S. crude gained 3.01% to $107.38 a barrel while international benchmark Brent crude rose 2.9% to $113.35 a barrel.
Gold also posted small gains as stocks tumbled, with the precious metal helped by a weaker dollar. Falling risk sentiment sent spot gold up almost 1.2%, with the safe-haven asset trading at $1,939.50 an ounce at the close on Wednesday.
The dollar index eased to 97.83 against a basket of six major currencies, with the euro and pound firming slightly against the greenback. Meanwhile, the benchmark 10-year US Treasury yield fell 4.2 basis points to 2.358%.
In the crypto markets, Bitcoin (BTC) was slightly negative after testing highs above $48,000 during the week. BTC-USD was around $476,906 with a 24-hour loss of 0.4% late Wednesday, while Ethereum (ETH-USD) was trading around $3,379 with a 24-hour return of +0.6%.
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