Nasdaq falls 1.2% as US stocks decline: Market update
- US stocks closed lower on Wednesday as the major benchmarks ended their latest winning streak.
- Across the crypto markets, Bitcoin (BTC) was slightly negative after testing highs above $48k in the week
- The dollar index eased to 97.83 against a basket of six major currencies
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US stocks closed lower on Wednesday as the major benchmarks ended their latest winning streak.
The S&P 500 fell 0.63% while Nasdaq declined by 1.21% to close in the red amid fresh selling in tech stocks. The Dow Jones Industrial Average shrunk by 0.19%, as the benchmarks snapped a four-day win streak that had stretched from Friday last week.
The drawdown in stocks falls in line with a largely choppy March, which has been punctuated by uncertainty, fear, and concerns around Russia and Ukraine. Inflation and central bank monetary policies have also played a role in investor sentiment.
Oil prices rose on Wednesday, doing so for the first time this week. US crude gained 3.01% to $107.38 a barrel while the international benchmark Brent crude rose 2.9% to $113.35 a barrel.
Gold also saw slight gains as stocks fell, with the precious metal helped by a weakened dollar. The dip in risk-on sentiment pushed spot gold nearly 1.2% up, with the safe-haven asset trading at $1,939.50 per ounce at close on Wednesday.
The dollar index eased to 97.83 against a basket of six major currencies, with the euro and sterling firming slightly against the greenback. Meanwhile, the benchmark 10-year US Treasury yield cut 4.2 basis points to 2.358%.
Across the crypto markets, Bitcoin (BTC) was slightly negative after testing highs above $48k in the week. The BTC-USD pair was around $476,906 with a 24-hour loss of 0.4% late on Wednesday, while Ethereum (ETH-USD) was trading around $3,379 at a 24-hour return of +0.6%.