The S&P 500 closed below a key level on Wednesday after a rebound in interest rates. The benchmark index fell 1.4 per cent, ending the day below the 4,200 level that was being widely watched by chart analysts. It was the first time the S&P 500 closed below this threshold since May. Stock losses accelerated during the session after the benchmark broke that level.

The Nasdaq Composite lost 2.4 per cent for its worst day Feb. 21, when the index shed 2.5 per cent. The Dow Jones Industrial Average fell 105 points, or 0.3 per cent.

Alphabet shares tumbled more than 9 per cent as its cloud business missed analysts' estimates, overshadowing its strong revenue growth and earnings beat. Shares of peer tech behemoths Apple and Amazon slipped 1.4 per cent and nearly 6 per cent, respectively. Amazon is set to report third-quarter results after the closing bell on Thursday. Microsoft stood out as an outlier among the decline in tech stocks on Tuesday, with shares gaining 2.8 per cent after first-quarter results beat Wall Street estimates. Meta has reported results after the bell. Meta reported better-than-expected results for the third quarter, with revenue increasing by 23 per cent, marking the fastest growth rate since 2021. Following this announcement, the company's stock surged more than 4 per cent in extended trading on Wednesday.

European markets closed higher. London's FTSE gained 0.33 per cent, Frankfurt added 0.08 per cent, and Paris closed 0.31 per cent higher. Turning to Asian markets, Tokyo's Nikkei added 0.67 per cent, Hong Kong's Hang Seng gained 0.55 per cent while China's Shanghai Composite closed 0.40 per cent higher.

Gold added 0.25 per cent. Silver fell 0.50 per cent. Copper dropped 1.06 per cent. Oil gained 1.98 per cent.

Dow Jones 33,035.93 -105.45 -0.32%
US S&P 500 4,186.77 -60.91 -1.43%
US Nasdaq 12,821.22 -318.65 -2.43%
UK FTSE 100 7,414.34 +24.64 +0.33%

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Advanced Share Registry Limited published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 04:02:44 UTC.