Stocks fell lower on Wednesday, in tandem with elevated Treasury yields. Investors are wary about a potential interest rate hike from the Federal reserve, especially after hotter-than-expected PMI data. The Nasdaq snapped a four-day win streak by dropping 308 points, while the Dow gave back 352 points of its own.
The S&P 500 finished modestly lower as well. Elsewhere, the small-cap Russell 2000 (RUT) logged its lowest close since June, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), reclaimed 15.
Oil Prices Steady Themselves, Snap Skid
Crude oil prices moved higher, snapping a five-day losing streak after Iranian President Masoud Pezeshkian indicated he isn't willing to surrender to the U.S. West Texas Intermediate crude adding 1.8% to settle at $92.16 per barrel.
Gold prices continued lower, however, and logged a third-straight loss, as the U.S. dollar and Treasury yields strengthened. December-dated futures dropped 2.4% to settle at $4,281.30 per ounce.
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