Markets

Close Update: Geopolitical Events Continue to Weigh on Wall Street

Stocks closed lower on Wednesday as geopolitical tensions in the Middle East and Korean peninsula continued to unsettle Wall Street.

The flight to the security of safe-havens drove gold to a five-month high, and the yield on the 10-year Treasury note below 2.30%, while all but three sectors of the S&P 500 were in the red with the banking sector turning negative for the year. Defensive sectors like utilities and telecoms held onto solid gains.

Selling erupted at the open driving the benchmark indices to their session lows before midday. Investors continued to sell on any signs of strength, keeping a nervous eye on Secretary of State Rex Tillerson's meeting in Russia, and saber-rattling from North Korea as U.S. naval ships powered toward the Sea of Japan.

For Thursday, Q1 earnings from some of the largest U.S. banks will be released before the open, followed by data on initial jobless claims, producer prices and consumer sentiment.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 59.44 points (-0.3%)

S&P 500 was down 8.85 points (-0.38%)

Nasdaq Composite Index was down 30.61 points (-0.52%)

GLOBAL SENTIMENT

FTSE 100 was down 0.22%

Nikkei 225 was down 1.04%

Hang Seng Index was up 0.93%

Shanghai China Composite Index was down 0.46%

UPSIDE MOVERS

(+) CNTF (+43.8%) Swung to H2 profit and disclosed plans to sell $144 million of Beijing property

(-) NOVN (+21%) Reported positive topline results in phase 2B trial of SB208

(+) NBIX (+24.8%) Achieves best case scenario with Ingrezza approval

(+) SAEX (+7.7%) Signs three-year deal with Hocol to provide seismic acquisition services in Colombia

DOWNSIDE MOVERS

(-) WVE (-12.8%) Priced 4.2 million share offering at 9.6% discount

(-) MYCC (-10.3%) Fiscal Q1 results miss expectations, drops strategic options, CEO announces retirement

(-) NS (-7%) Priced 12.5 million offering at 10% discount

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NOVN

Other Topics

Stocks

Latest Markets Videos