by Echo Wang
NEW YORK (Reuters) – The New York Stock Exchange ended lower on Wednesday after posting modest gains during the session, as investors remained concerned about fears of a recession next year and a resurgence of the COVID-19 outbreak in China, the world’s largest oil exporter.
The Dow Jones index fell 1.10%, or 365.85 points, to 32,875.71 points.
The broader S&P-500 lost 46.03 points, or 1.20%, to 3,783.22 points.
The Nasdaq Composite fell for its part by 139.94 points (1.35%) to 10,213.29 points.
As the yield on ten-year US Treasuries rose for a third straight day, tech giants Apple, Amazon and Alphabet declined between 0.9% and 2.3%.
All 11 major S&P-500 sectors ended in the red, led by energy, down 2.2% as fears over China’s oil demand weighed on prices crude.
Investors are closely watching Beijing’s moves to reopen the Chinese economy despite a resurgence of the COVID-19 outbreak.
Declining 20% year-on-year, the S&P-500 is heading for its worst annual loss since the 2008 financial crisis.
“This is a slight continuation of the underlying dynamics; the market is finally starting to take seriously the fact that we’re going to have a recession in 2023,” Michael Green, chief strategist at Simplify Asset Management, commented in New York. York.
While data showing waning inflationary pressures had fueled hopes of less monetary tightening by the Federal Reserve (Fed) next year, the state of the labor market and the resilience of the U.S. economy raise concerns high rates for longer than expected.
On the value side, Tesla ended up 3.3% after a jagged session, the day after a lowest in more than two years.
Southwest Airlines lost 5.2% after coming under fire from the US government for canceling thousands of flights.
(French version Jean Terzian)
Copyright © 2022 Thomson Reuters