US equity markets experienced a decline on Wednesday, following a week of gains spurred by an interest rate cut. The Dow Jones Industrial Average closed at 46,121 points, marking a 0.3% decrease from the previous trading day.
The broader S&P 500 also registered a 0.3% decline, reaching approximately 6,638 points. The Nasdaq 100 mirrored the downturn, closing around 24,504 points, down 0.3%.
Investor sentiment appeared to moderate following the recent rally. A key factor contributing to the pullback was Federal Reserve Chair Jerome Powell’s remarks on Tuesday, which highlighted the challenging economic landscape facing the central bank. Concerns surrounding the potential for a US government budget impasse are also weighing on market participants. Failure to reach an agreement between Republicans and Democrats could lead to government shutdowns and disruptions.
The euro weakened against the dollar, trading at $1.1737, equivalent to €0.8520 per dollar.
Gold prices also retreated, with a fine ounce trading at $3,732, down 0.9%. This translates to €102.23 per gram.
Conversely, oil prices saw a significant increase. Brent crude futures rose to $69.14 per barrel, reflecting a 2.2% increase compared to the previous trading day’s close.