At the close of trade, the Dow Jones Industrial Average index decreased by 176.89 points, or 0.54%, to 32,813.23. The S&P500 index dropped 30.92 points, or 0.75%, to 4,101.23. The tech-heavy Nasdaq Composite Index fell 86.93 points, or 0.72%, to 11,994.46.
Total ten of 11 major S&P sectors ended the session red, with financials (down 1.67%), healthcare (down 1.42%), consumer staple (down 1.3%), real estate (down 1.1%), and materials (down 1%) issues suffered the largest percentage losses.
Equities began the day lower in reaction to a Labor Department report showing job openings tumbled by 455,000 to 11.4 million in April.
Stocks also came under pressure as comments from JPMorgan Chase (JPM) CEO Jamie Dimon, who urged investors to brace for an economic hurricane. JPMorgan's Jamie Dimon warned investors on Wednesday of a coming economic hurricane that requires preparation. "You better brace yourself. JPMorgan is bracing ourselves and we're going to be very conservative with our balance sheet," Dimon said.
ECONOMIC NEWS: The Institute for Supply Management released a report showing U.S. manufacturing PMI inched up to 56.1 in May from 55.4 in April, with a reading above 50 indicating growth in the sector.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content