The Dow Jones Industrial Average closed at 26,004.83 on Wednesday with a loss of 43.68 points or -0.17%. The S&P 500 closed at 2,879.84 for a loss of 5.88 points or -0.20%. The Nasdaq Composite closed at 7,792.72 for a loss of 29.85 points or -0.38%. The VIX Volatility Index was lower at 15.91 for a loss of 0.08 points or -0.50%.
Wednesday’s market movers
U.S. indexes closed lower for a second day on Wednesday. Stocks gave back more gains in another day of selling as pricing gave way to more reasonable valuations involving Mexico trade. Investors turned their attention back to trade negotiations with China, which are focusing on a potential meeting at the G20 Summit in June. Technology stocks also continued their losses after a House Judiciary Committee hearing Tuesday and several new headlines on big tech increased potential reform risks. Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG) has released many large lobbying firms and restructured its Washington representation. Meanwhile, the Justice Department, Congress and state attorneys general are also reporting investigations at Alphabet. Facebook (NASDAQ:FB) was also in the headlines Wednesday after reported concerns over emails connecting Mark Zuckerberg with awareness of problematic privacy practices.
Investors were also watching expectations for the Federal Reserve’s next move at its June 18 meeting with the release of the Consumer Price Index (CPI). The CPI increased 0.1% in May and 1.8% year over year, further supporting concerns that the Fed may need to cut rates to keep inflation closer to its 2% target.
Economic reports affecting market trading included the following:
The Consumer Price Index increased 0.1% in May and 1.8% year over year. The Core Consumer Price Index excluding food and energy increased 0.1% in May and 2% year over year. The MBA Mortgage Applications Index increased 26.8% following an increase of 1.5%