Stocks are down today and investors wondering why need not look far, as we have all the details behind Wednesday’s stock movements!
The biggest concern weighing on the stock market today is inflation. Investors are starting to worry that inflation may kick off again, which could result in more interest rate increases from the Federal Reserve.
This fear comes after oil prices climbed to a 2023 high on Tuesday. The increase in oil prices follows Saudi Arabia and Russia both agreeing to extend their voluntary cuts to oil production. That has a major effect on prices and the stock market as they are the second- and third-largest oil producers in the world.
Jorge Leon, senior vice president at Rystad Energy, said the following about the oil production cuts to Reuters.
“This is a clear indication that oil prices trump volume (for Saudi Arabia). These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide.”
Let’s check out how the major stock indices are reacting to today’s news below!
Stocks Down On Wednesday
- The S&P 500 is first on our list with a 0.71% drop as of Wednesday morning.
- Next up is the Dow Jones Industrial Average, which is down 0.47% as of this writing.
- The Nasdaq Composite is also falling 0.91% this morning.
- Finally, the NYSE Composite is decreasing 0.23% on Wednesday.
Investors looking for even more of the most recent stock market news are in luck!
We’re offering up all of the hottest stock market news that traders need to know about on Wednesday! Among that is what has shares of Enbridge (NYSE:ENB), Express (NYSE:EXPR) and Toast (NYSE:TOST) in the news today. You can catch up on all of these matters by checking out the links below!
More Stock Market News For Wednesday
- ENB Stock Alert: The $14 Billion Reason Enbridge Is Down Today
- Why Is Express (EXPR) Stock Up 11% Today?
- TOST Stock Alert: Why UBS Says You Should ‘Take a Bite of Toast’
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
