US close: Major indices register heavy losses
Wall Street stocks registered heavy losses on Wednesday, putting the US stock market firmly on track for its worst year since 2008.
At the close, the Dow Jones Industrial Average was down 1.10% at 32,875.71, while the S&P 500 lost 1.20% to 3,783.22 and the Nasdaq Composite saw out the session 1.35% softer at 10,213.29.
The Dow closed 365.85 points lower on Wednesday, easily reversing modest gains recorded in the previous session.
Wednesday's heavy sell-off was primarily a result of recessionary fears that weighed on sentiment throughout what has been both a losing month and year.
Oil prices were also in focus on Wednesday after Russia banned oil sales to countries and companies that comply with a price cap agreed upon by Western nations earlier in December. West Texas Intermediate futures were 0.44% weaker at $78.61 per barrel and Brent Crude futures were 1.27% softer at $83.26 a barrel.
On the macro front, mortgage applications rose 0.9% week-on-week in the seven days ended 16 December, according to the Mortgage Bankers Association of America, following a 3.2% advance in the previous week.
Elsewhere, US pending home sales declined by 37.8% year-on-year in November, according to the National Association of Realtors, the 18th consecutive monthly drop and the biggest fall since November 2021.
Finally, the Richmond Federal Reseve's manufacturing index rose from a print of -9 in November to 1 in December - the highest reading since April.
In the corporate space, Tesla shares were up more than 3% at the end of trading, reclaiming some of yesterday's heavy losses driven by a Wall Street Journal article that claimed the electric carmaker would continue a weeklong production halt at its Shanghai facility amid a fresh onslaught of Covid-19 cases.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
JP Morgan Chase & Co. (JPM) $132.46 0.55%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Goldman Sachs Group Inc. (GS) $340.87 -0.32%
Johnson & Johnson (JNJ) $176.66 -0.43%
Boeing Co. (BA) $188.38 -0.54%
Visa Inc. (V) $204.99 -0.63%
McDonald's Corp. (MCD) $265.11 -0.65%
Unitedhealth Group Inc. (UNH) $528.45 -0.67%
Amgen Inc. (AMGN) $261.42 -0.75%
Dow Jones - Fallers
Apple Inc. (AAPL) $126.04 -3.07%
Walt Disney Co. (DIS) $84.17 -2.55%
Dow Chemical Co. (DOW) $49.99 -2.34%
Nike Inc. (NKE) $114.98 -2.19%
Walgreens Boots Alliance, Inc. (WBA) $37.58 -1.91%
Walmart Inc. (WMT) $141.29 -1.75%
International Business Machines Corporation (CDI) (IBM) $140.02 -1.69%
Salesforce.Com Inc. (CRM) $128.47 -1.68%
American Express Co. (AXP) $144.01 -1.63%
3M Co. (MMM) $118.29 -1.61%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $2.07 1.97%
Illumina Inc. (ILMN) $190.81 1.08%
Darden Restaurants Inc. (DRI) $138.82 0.78%
Bank of America Corp. (BAC) $32.77 0.74%
JP Morgan Chase & Co. (JPM) $132.46 0.55%
Citigroup Inc. (C) $44.62 0.52%
Activision Blizzard Inc. (ATVI) $76.05 0.34%
Take-Two Interactive Software Inc. (TTWO) $99.69 0.31%
AutoZone Inc. (AZO) $2,461.63 0.30%
Arista Networks Inc. (ANET) $119.17 0.26%
S&P 500 - Fallers
Nordstrom Inc. (JWN) $15.71 -5.76%
Apache Corp. (APA) $45.18 -5.16%
Southwest Airlines Co. (LUV) $32.19 -5.16%
Wynn Resorts Ltd. (WYNN) $80.09 -5.03%
Dish Network Corp. (DISH) $13.50 -4.93%
VF Corp. (VFC) $25.86 -4.79%
Coterra Energy Inc. (CTRA) $24.37 -4.73%
MGM Resorts International (MGM) $32.43 -4.25%
Macerich Co (MAC) $11.05 -4.25%
HF Sinclair Corporation (DINO) $48.93 -3.93%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $112.71 3.31%
Illumina Inc. (ILMN) $190.81 1.08%
Activision Blizzard Inc. (ATVI) $76.05 0.34%
Take-Two Interactive Software Inc. (TTWO) $99.69 0.31%
Regeneron Pharmaceuticals Inc. (REGN) $713.03 0.24%
O'Reilly Automotive Inc. (ORLY) $844.62 0.09%
Xilinx Inc. (XLNX) $0.00 0.00%
Cerner Corp. (CERN) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $80.09 -5.03%
Dish Network Corp. (DISH) $13.50 -4.93%
JD.com, Inc. (JD) $56.15 -4.51%
Baidu Inc. (BIDU) $111.60 -4.19%
DENTSPLY Sirona Inc. (XRAY) $30.98 -3.40%
Expedia Group Inc. (EXPE) $83.69 -3.32%
Qurate Retail Inc. (QRTEA) $1.46 -3.31%
Western Digital Corp. (WDC) $30.21 -3.08%
Apple Inc. (AAPL) $126.04 -3.07%
Gen Digital Inc. (GEN) $20.88 -2.57%