Wall Street retreats on Nvidia sell-off, Dow Jones drops 46 points
NEW YORK, New York — A downturn in Nvidia, and a continuation of Tuesday’s sell-off following Fed Chairman Jerome Powell’s gloomy outlook on inflation, and the need for interest rates to stay high for longer, put pressure on U.S. stock markets Wednesday. Investors are "trimming some of the high fliers," Kevin Gordon, senior investment strategist at Charles Schwab told CNBC Wednesday. "I think investors are really starting to catch on to the fact that there are other parts of the market that are doing well." Here’s a summary of the closing quotes for key indices: S&P 500 (^GSPC): The Standard and Poor’s 500 index closed at 5,022.21, marking a decrease of 29.20 points, or 0.58 percent. Dow Jones Industrial Average (^DJI): The Dow Jones Industrial Average ended the day at 37,753.31, down by 45.66 points, or 0.12 percent. NASDAQ Composite (^IXIC): The NASDAQ Composite index witnessed a notable decline, closing at 15,683.37, which was a decrease of 181.88 points, or 1.15 percent. These closing figures depict the diverse performance of major indices on Wednesday, reflecting the ongoing volatility in the market amid concerns about inflation, interest rates, and geopolitical tensions. Investors remained cautious as they evaluated the impact of these factors on the broader economy and corporate earnings. Wednesday’s Foreign Exchange Market Report: Fluctuations in Major Currency Pairs In the world foreign exchange market on Wednesday, major currency pairs exhibited mixed movements, reflecting the nuances of global economic conditions and geopolitical developments. However in the main the U.S. dollar pulled back from the gains of recent days. Here’s a rundown of the latest FX rates: Euro / US Dollar (EUR/USD): The Euro gained ground against the US Dollar, with the EUR/USD pair trading at 1.0672, marking an increase of 0.51 percent. US Dollar / Japanese Yen (USD/JPY): Conversely, the US Dollar saw a slight decrease in value against the Japanese Yen, with the USD/JPY pair trading at 154.30, down by 0.26 percent. US Dollar / Canadian Dollar (USD/CAD): The US Dollar also experienced a decline against the Canadian Dollar, with the USD/CAD pair trading at 1.3770, a decrease of 0.42 percent. British Pound / US Dollar (GBP/USD): The British Pound strengthened against the US Dollar, with the GBP/USD pair trading at 1.2454, reflecting an increase of 0.23 percent. US Dollar / Swiss Franc (USD/CHF): Meanwhile, the US Dollar weakened against the Swiss Franc, with the USD/CHF pair trading at 0.9102, showing a decrease of 0.30 percent. Australian Dollar / US Dollar (AUD/USD): The Australian Dollar saw gains against the US Dollar, with the AUD/USD pair trading at 0.6435, up by 0.53 percent. New Zealand Dollar / US Dollar (NZD/USD): Similarly, the New Zealand Dollar strengthened against the US Dollar, with the NZD/USD pair trading at 0.5916, reflecting an increase of 0.61 percent. Global Stock Markets Close with Mixed Results on Wednesday On Wednesday, global stock markets witnessed a mixed performance, with some indices posting gains while others experienced losses. Here are the closing quotes for a variety of key indices: CANADA S&P/TSX Composite index (^GSPTSE): The S&P/TSX Composite index in Canada saw a modest increase, closing at 21,656.05, up by 13.18 points, or 0.06 percent. UNITED KINGDOM FTSE 100: In London the FTSE 100 added 27.63 points or 0.35 percent to close Wednesday at 7,847.99. EUROPE DAX PERFORMANCE-INDEX: In Germany the DAX PERFORMANCE-INDEX Edged up 3.79 points or 0.02 percent to 17,770.02. CAC 40: The Paris-based CAC 40 7,981.51 climbed 48.90 or 0.62% to close at 7,981.51. ESTX 50 PR.EUR: The ESTX 50 PR.EUR witnessed a minor dip, closing at 4,914.13, down by 2.86 points, or 0.06 percent. Euronext 100 Index: The Euronext 100 Index closed at 1,494.71, down by 7.16 points, or 0.48 percent. BEL 20: The BEL 20 closed at 3,794.57, marking a decrease of 2.35 points, or 0.06 percent. ASIA Nikkei 225: Japan’s Nikkei 225 finished at 37,961.80 after losing 509.40 points, equating to 1.32 percent. HANG SENG INDEX: The ^HSI HANG SENG INDEX in Hong Kong ended at 16,251.84, after inching up 2.87 points or 0.02 percent. SSE Composite Index: In mainland China, the SSE Composite Index made a hefty gain of 64.31 points or 2.14 percent to 3,071.38. Shenzhen Index: The SZ Shenzhen Index did better, surging 226.70 points or 2.48 percent to close at 9,381.77. STI Index: In Singapore, the STI Index closed at 3,154.69, up by 9.93 points, or 0.32 percent. S&P BSE SENSEX: The S&P BSE SENSEX in India experienced a decline, closing at 72,943.68, down by 456.10 points, or 0.62 percent. NIFTY 50: The NIFTY 50 in India closed at 22,147.90, down by 124.60 points, or 0.56 percent. FTSE Bursa Malaysia KLCI: The FTSE Bursa Malaysia KLCI closed at 1,540.42, up by 5.42 points, or 0.35 percent. KOSPI Composite Index: The KOSPI Composite Index closed at 2,584.18, down by 25.45 points, or 0.98 percent. TSEC weighted index: In Taiwan, the TSEC weighted index surged, closing at 20,213.33, up by 311.37 points, or 1.56 percent. OCEANIA S&P/ASX 200: Meanwhile, the S&P/ASX 200 in Australia saw a slight decline, closing at 7,605.60, down by 6.90 points, or 0.09 percent. ALL ORDINARIES: The ALL ORDINARIES index in Australia closed at 7,861.00, down by 1.30 points, or 0.02 percent. S&P/NZX 50 INDEX GROSS: The S&P/NZX 50 INDEX GROSS in New Zealand closed at 11,875.35, up by 70.51 points, or 0.60 percent. AFRICA Top 40 USD Net TRI Index: The Top 40 USD Net TRI Index closed at 3,774.69, which was a decrease of 3.60 points, or 0.10 percent. MIDDLE EAST TA-125: The TA-125 in Israel experienced a decline, closing at 1,912.66, down by 19.62 points, or 1.02 percent. EGX 30 Price Return Index: The EGX 30 Price Return Index in Egypt closed at 29,667.70, up by 266.90 points, or 0.91 percent.