The S&P 500 fell more than 1.5% on Wednesday, recording biggest daily decline in more than one month following weak economic data.
US economic reports released Wednesday showed retail sales and producer prices dropping higher-than-expected for December.
Moderna, Inc. MRNA shares gained 3.3% on Wednesday after the company’s syncytial virus vaccine candidate met its primary endpoint in a Phase 3 trial. Shares of PNC Financial Services Group Inc PNC dropped 6% after the company reported worse-than-expected earnings results.
All the major sectors on the S&P 500 closed on a negative note, with consumer staples and utilities stocks recording the biggest drop on Wednesday.
The Nasdaq 100 fell 1.27% to close at 11,410.29 on Wednesday, amid decline in shares of Tesla Inc TSLA and Microsoft Corp MSFT.
The S&P 500 fell 1.56%, while the Dow Jones lost 1.81% to 33,296.96 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 5.1% to 20.34 points on Wednesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.