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  3. US markets end lower on Wednesday

US markets end lower on Wednesday

07 Sep 2023 Evaluate

The US markets ended in red on Wednesday amid ongoing concerns about the outlook for the global economy following the recent release of disappointing data from overseas. A recent surge in oil prices added to the negative sentiment amid worries higher oil prices could keep inflation at elevated levels. The price of crude oil has reached its highest levels since last November after Saudi Arabia and Russia extended supply cuts until the end of the year. Besides, markets saw further downside following the release of a report from the Institute for Supply Management (PMI) showing an unexpected acceleration in the pace of U.S. service sector growth in the month of August. The ISM said its services PMI rose to 54.5 in August from 52.7 in July, with a reading above 50 indicating growth in the sector. The increase surprised participants, who had expected the index to edge down to 52.5.

The data added to recent concerns about the outlook for interest rates, as the report also showed an acceleration in the pace of price growth. The prices index rose to 58.9 in August from 56.8 in July. Meanwhile, the Commerce Department released a report showing the U.S. trade deficit widened in the month of July. The report said the trade deficit increased to $65.0 billion in July from a revised $63.7 billion in June. Street had expected the trade deficit to rise to $65.8 billion from the $65.5 billion originally reported for the previous month. The wider trade deficit came as the value of imports climbed by 1.7 percent to $316.7 billion, while the value of exports rose by 1.6 percent to $251.7 billion.

Dow Jones Industrial Average fell 198.78 points or 0.57 percent to 34,443.19, Nasdaq lost 148.48 points or 1.06 percent to 13,872.47 and S&P 500 was down by 31.35 points or 0.7 percent to 4,465.48. 


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