The Dow Jones index falls for a third day as stocks continue to decline

Wednesday, April 03, 2024 - 22:30
Point Trader Group

The stock market was mixed at the end of Wednesday's session on Wall Street, with the beginning of a difficult phase continuing at the beginning of the second quarter. The S&P 500 was nearly flat as the market struggled to overcome the decline. The broad market index fluctuated, ending its third negative day, amid statements by US Federal Reserve officials that kept the fate of reducing interest rates fluctuating between the expected dates.

The Nasdaq Composite Index traded approximately 0.2% higher.

The Dow Jones Industrial Average fell by 22 points, or 0.1%, after it was weighed by a decline in shares of the technology company Intel, whose shares fell for the second day in a row by 8.1% after the company announced operating losses in its semiconductor manufacturing business.

Shares of artificial intelligence leader Nvidia swung toward the red despite trading higher through most of Wednesday, providing momentum toward a quiet market decline.

Rising interest rates continued to hurt stocks, with ADP data released on Wednesday showing that private payrolls increased more than expected in March, providing another sign of the US economy's resilience as investors grow concerned about the path of interest rate cuts by the US Federal Reserve. .

The statements of US Federal Reserve officials fell like cold water on hopes of lowering interest rates sooner rather than later.

Atlanta Fed President Raphael Bostic told CNBC on Wednesday morning that he only sees one smaller move this year, sometime in the fourth quarter.

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