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Benchmark US indices closed lower for the second straight day on Wednesday, April 6, dragged down by tech and material stocks after Fed’s minutes showed details of its balance sheet runoff.
The S&P 500 fell 0.97% to 4481.15. The Dow Jones declined 0.42% to 34496.51. The NASDAQ Composite shed 2.22% to 13888.82, and the Russell 2000 fell 1.42% to 2016.94.
Investors held back on big bets after the central bank released minutes from its last meeting, showing its balance sheet surplus details. The Fed hinted at reducing its bond holdings by US$95 billion a month as part of its ongoing efforts to bring down the high inflation.
The market sentiments took a beating after Fed reiterated its aggressive stance on inflation, suggesting it is open to more rate hikes. The Treasury bond yields climbed after the minutes.
Meanwhile, Treasury Secretary Janet Yellen has warned China of full-blown US sanctions if Beijing tries to invade Taiwan. She sent out the stern message while replying to a query from a Republican senator during her testimony before the House Financial Services Committee.
Sanctions against China could trigger a massive downturn in the economy, battling against adverse effects of the Ukraine-linked supply disruptions and higher commodity prices.
On Wednesday, utilities, healthcare, real estate, consumer non-cyclicals, and energy segments were the top movers on S&P 500. Financials, basic materials, and technology were the laggards.
Shares of Cannabis-lifestyle product company Tilray Brands, Inc. (TLRY) jumped nearly 6% in intraday trading after declaring its fiscal third-quarter results ended February 28, 2022. The company’s net revenue jumped 23% to US$152 million.
Sectoral performance
In the utilities sector, NextEra Energy, Inc. (NEE) rose 0.19%, Duke Energy Corporation (DUK) was up 2.34%, and The Southern Company (SO) gained 2.91%.
In healthcare stocks, UnitedHealth Group Incorporated (UNH) rose 2.70%, Johnson & Johnson (JNJ) increased by 2.60%, and Pfizer Inc. (PFE) gained 3.18%.
In consumer non-cyclical stocks, Walmart Inc. (WMT) was up by 2.32%, The Procter & Gamble Company (PG) gained 1.43%, and The Coca-Cola Company (KO) rose 1.01%.
In technology stocks, Apple Inc. (AAPL) fell 1.85%, Microsoft Corporation (MSFT) dropped 3.66%, and NVIDIA Corporation (NVDA) declined 5.88%.
Berkshire Hathaway Inc. (BRK-B) declined 0.03%, Visa Inc. (V) fell 3.13%, and JPMorgan Chase & Co. (JPM) fell 1.39% from the previous close.
The cryptocurrency market was down 4.87% to US$2.02 trillion at around 4:30 pm ET on Wednesday. Bitcoin (BTC) declined 4.35% to US$43,939.75 in the last 24 hours.
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Futures & Commodities
Gold futures were down -0.12% to US$1,925.10 per ounce. Silver climbed
0.19% to US$24.580 per ounce, while copper fell 1.90% to US$4.7038.
Brent oil futures fell 0.06% to US$101.66 per barrel and WTI crude declined 4.86% to US$97.00 a barrel.
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Bond Market
The 30-year Treasury bond yields gained 1.89% to 2.631, while the 10-year bond yields rose 1.85% to 2.601.
US Dollar Index Futures were up 0.24% to US$ 99.670.
