The US stock market experienced a downturn after the close of trading on Wednesday. This was primarily driven by losses in sectors such as Oil & Gas, Utilities, and Basic Materials. At closing time, the Dow Jones Industrial Average was down by 0.51%, the S&P 500 index fell by 0.27%, and the NASDAQ Composite index declined by 0.18%.
Dow Jones Industrial Average Performance
Among the top performers in the Dow Jones Industrial Average, Johnson & Johnson stood out with a 1.49% increase, Cisco Systems Inc. saw a 1.04% rise, and Boeing Co. was up by 0.81%. On the flip side, the worst performers included Dow Inc., which fell by 2.22%, Amgen Inc., declining by 1.73%, and Goldman Sachs Group Inc., down by 1.71%.
In terms of the S&P 500 index, First Solar Inc. recorded an impressive 18.69% increase, followed by Moderna Inc. with a 13.67% rise and Analog Devices Inc. gaining 10.86%. On the other hand, the worst performers in this index were Target Corporation, Lululemon Athletica Inc., and Freeport-McMoran Copper & Gold Inc., which saw declines of 8.03%, 7.23%, and 5.69% respectively.
NASDAQ Composite Performance
Within the NASDAQ Composite, Akoustis Technologies Inc. stood out with a massive 128.83% increase, followed by Binah Capital Group Inc. with a 56.30% rise and IGM Biosciences Inc. gaining 36.39%. Conversely, Edible Garden AG Inc., Biodexa Pharmaceuticals PLC DRC, and Hywin Holdings Ltd ADR were the worst performers, recording declines of 46.88%, 45.06%, and 30.56% respectively.
First Solar Inc. and Moderna Inc. reached new highs, while Lululemon Athletica Inc. hit a 52-week low. Analog Devices Inc. marked an all-time high, whereas Edible Garden AG Inc. and Hywin Holdings Ltd ADR hit all-time lows, signifying significant fluctuations in the market.
The CBOE Volatility Index remained unchanged at 12.29, indicating stability in S&P 500 options. Gold Futures for June delivery fell by 1.11% to $2,366.25 per troy ounce. In commodities trading, both Crude oil and Brent oil saw slight declines, with Crude oil dropping by 0.34% to $77.31 a barrel and Brent oil falling by 0.22% to $81.72 a barrel.
Currency Exchange Rates
EUR/USD remained unchanged at 1.08, while USD/JPY fell by 0.07% to 156.65. The US Dollar Index Futures also experienced a slight decrease by 0.03%, closing at 104.80.
The US stock market witnessed a mixed bag of performances across various sectors and indices. The day's trading activities showcased both highs and lows, demonstrating the inherent unpredictability of the stock market. Investors and traders need to stay abreast of market trends and developments to make informed decisions in an ever-evolving financial landscape.