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US Indexes Close Lower for a 2nd Day on Wednesday

The Dow Jones Industrial Average closed at 26,078.62 on Wednesday with a loss of 494.42 points or -1.86%. The S&P 500 closed at 2,887.61 for a loss of 52.64 points or -1.79%. The Nasdaq Composite closed at 7,785.25 for a loss of 123.44 points or -1.56%. The VIX Volatility Index was higher at 20.30 for a gain of 1.74 points or 9.37%.

Wednesday's market movers

U.S. indexes closed lower again on Wednesday, widening losses for the beginning of October. In the U.S. investors remained concerned over economic growth after a record low reading from the ISM Manufacturing report Tuesday. The ADP private sector employment report was released Wednesday with new payrolls at 135,000, below estimates. Impeachment investigations and inquiries also continued, adding to market uncertainty.

Internationally, several developments influenced the market Wednesday as well. North Korea reportedly tested nuclear weapons just days before talks with the U.S. are scheduled to resume. In the U.K., Prime Minister Boris Johnson presented a final Brexit offer that, if denied, would likely lead to a no-deal exit from the European Union on Oct. 31. In U.S.- European Union trade disputes, the World Trade Organization released an approval that allows the U.S. to levy new tariffs on European Union imports with the decision heavily based on the European Union's current subsidies to European aerospace and defense company Airbus (XPAR:AIR).

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index increased 8.1% following a decrease of 10.1%. The MBA's average 30-year mortgage rate decreased to 3.99% from 4.02%.
  • The ADP private sector employment report showed an increase of 135,000 jobs in September following an increase of 157,000 and below estimates of 140,000.
  • The EIA's Weekly Petroleum Status report showed crude oil inventory increasing 3.104 million barrels following an increase of 2.412 million barrels.

In the S&P 500, the energy, consumer staples and financial sectors led losses. In the Dow Jones Industrial Average, the following stocks led losses:

  • Walgreens Boots Alliance (NASDAQ:WBA) -3.42%
  • American Express (NYSE:AXP) -3.26%
  • Chevron (NYSE:CVX) -3.19%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,479.63 for a loss of 13.80 points or -0.92%. The S&P 600 closed at 919.11 for a loss of 10.16 points or -1.09%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,405.52 for a loss of 100.69 points or -1.06%. The Dow Jones U.S. Small-Cap Value Index closed at 9,149.44 for a loss of 119.53 points or -1.29%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,873.82 for a loss of 26.20 points or -1.38%; the S&P 100 at 1,276.91 for a loss of 23.77 points or -1.83%; the Nasdaq 100 at 7,550.79 for a loss of 133.36 points or -1.74%; the Russell 3000 at 1,691.05 for a loss of 29.07 points or -1.69%; the Russell 1000 at 1,595.35 for a loss of 28.30 points or -1.74%; the Wilshire 5000 at 29,509.00 for a loss of 504.11 points or -1.68%; and the Dow Jones U.S. Select Dividend Index at 705.83 for a loss of 13.92 points or -1.93%.

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This article first appeared on GuruFocus.