Stocks tumbled on Wednesday, with all three major benchmarks marking their third-straight loss. Hotter-than-expected inflation data fueled concerns over additional Federal Reserve interest rate hikes, and sparked a selloff in AI and chip stocks. The Nasdaq shed 511 points, suffering its worst daily percentage loss since July 23, while the S&P 500 and Dow finished firmly lower as well. Rising oil prices and elevated bond yields added to investor concerns, prompting Wall Street's "fear gauge," the Cboe Volatility Index (VIX), to clock its highest close since Sept. 16.
Gold Falls For a Third-Straight Session
Oil prices rose as investors digested the International Energy Agency’s (IEA) latest monthly report, which mentioned diesel shortages could continue well into 2027. November-dated West Texas Intermediate (WTI) futures rose 95 cents to settle at $95.09 a barrel.
Gold prices slipped for the third-straight session after today's inflation data. December-dated gold futures fell 1.5% to $4,115.50 per ounce.
Comments
Log in or sign up to join the conversation.