U.S. stocks closed lower on Wednesday, recording losses for the fourth straight session.
After climbing to a four-month high level during the mid of August, the benchmark S&P 500 index has recorded losses in recent weeks following hawkish remarks from Fed Chair Jerome Powell, with all three major indices also notching their weakest August performance in terms of percentage since 2015.
Soft projections from Seagate STX and HP Inc. HPQ exerted pressure on technology stocks on Wednesday.
The Nasdaq 100 fell 0.57% to close at 12,272.03 on Wednesday, while the S&P 500 fell 0.78%. The Dow Jones tumbled around 280 points to settle at 31,510.43 in the previous session.
Majority of the sectors on the S&P 500 closed on a lower note, with materials and consumer discretionary stocks recording the biggest plunge on Wednesday. Communication services stocks, however, showed some resilience, closing almost flat in the prior session.
Investors are now awaiting the release of non-farm payrolls data, due tomorrow.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 1.3% to close at 25.87 points on Wednesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.