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US stock market down on Wednesday amid tech losses

Key US stock indexes closed in negative territory on Wednesday, as technology, consumer services and basic materials sectors suffered losses.

The Dow Jones Industrial Average lost 0.42%, falling to 34,496.51 points. The S&P 500 slid by 0.97% to 4,481.15 points, while the NASDAQ Composite fell by 2.2% to 13,888.82 points.


The best performers of the session on the Dow Jones Industrial Average were UnitedHealth Group Incorporated (+2.70%), Johnson & Johnson (+2.60%), and Walmart Inc (+2.32%). The worst performers of the session were Inc (-4.44%), Microsoft Corporation (-3.66%), and Visa Inc Class A (-3.13%).

On the S&P 500, the top performers were Eli Lilly and Company (+4.56%), NRG Energy Inc (+4.23%), and Dollar General Corporation (+4.20%). The biggest losers were Norwegian Cruise Line Holdings Ltd (-6.80%), Penn National Gaming Inc (-6.72%), and Caesars Entertainment Corporation (-6.67%).

On the NASDAQ Composite, the best performing stocks were Advent Technologies Holdings Inc (+79.70%), Moxian Inc (+39.76%), and Mobiquity Technologies Inc (+29.63%). The worst performing stocks were Guardforce AI Co Ltd (-32.54%), GWG Holdings Inc (-25.14%), and Integrated Media Technology Ltd (-21.44%).


Rising oil prices have boosted the share prices of oil companies, with Occidental Petroleum gaining 0.7%, Chevron Corp increasing by 0.9%, and Exxon Mobil rising by 1.1%

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2,276 to 937; 116 ended unchanged. On the NASDAQ Stock Exchange, 2,788 fell and 1,111 advanced, while 217 ended unchanged.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, went up by 5.09% to 22.10 points.

On Wednesday, market players digested the FOMC March meeting minutes. Earlier, the Fed board members stated they were ready to reduce the balance sheet by $95 billion per month.

The majority of Fed policymakers found one or more 50 basis point increases to be appropriate, if inflation continued to rise.

According to market analysts, the Fed's aggressive rhetoric could rattle the stock market, which previously withstood the regulator's hawkish moves. The Federal Reserve's monetary tightening is the biggest medium and long term risk for US equities.

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