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On Wednesday, major stocks were dangling between positive and negative territory but finished lower as followed a wild day. The Dow Jones Industrial Average went as low as 500 points, whereas closed 125.98 points down at 25,191.43. The S&P 500 traded down by 0.55 percent at 2,740.69. On the other hand, the Nasdaq Composite slipped 0.4 percent and finished at 7,437.54.

The overall downfall effect came after Caterpillar reported that higher prices and tariffs on steel have resulted in the increased cost of materials for the business.

Meanwhile, Asia markets were also turbulent after overnight declines on Wall Street. Over in China, the Hang Seng index of Hong Kong climbed 0.5 percent up after falling down to a low of 0.18 percent. Initially, the Shanghai Composite rose by 0.14 percent but closed lower. The Shenzhen composite was lowered by 0.77 percent.

In Japan, the Nikkei 225 fell 0.18 percent while the Topix slipped 0.65 percent and traded at 1,640 to its lowest since September 2017. The Subaru, shares of an automaker, lost 5.81 percent after the company slashed its income estimate.

The Kospi of South Korea advanced by 0.26 percent after falling by 0.3 percent previously. Other major heavyweights such as SK Hynix and Samsung Electronics dropped down by 4 percent and 1.8 percent, respectively. The Posco shares gained 2.11 percent after showing its highest profits on the board since 2011.

The ASX 200 of Australia shed 0.26 percent however; the financial sector saw a gain of 0.2 percent. The subindex of energy traded 2.3 percent lower after oil stocks sell-off.

The U.S. dollar index, which marks the greenback against major currencies, traded at 95.958 after experiencing a high above 96.15 in the earlier session. The Australian dollar traded at $0.7089 whereas, the Japanese yen traded at 112.45 against the dollar.