U.S. Stocks Close Lower Despite Rebounding from Sharp Declines
U.S. stocks close lower on Tuesday, rebounding from sharp declines but still marking lowest closing levels in September for S&P 500 and Nasdaq Composite. Factors include rising Treasury yields and higher oil prices.
Troy D. Hanson
September 19, 2023
Despite paring sharp declines from earlier in the day, U.S. stocks closed lower on Tuesday, marking the lowest closing levels of September for both the S&P 500 and Nasdaq Composite, according to preliminary end-of-day data from FactSet.
S&P 500 and Nasdaq Composite Slip
The S&P 500 (SPX) fell by 0.2% or 9.53 points, ending at 4,443.99, while the Nasdaq Composite (COMP) shed 0.2% or 32.05 points, finishing at 13,678.19.
Dow Jones Industrial Average Follows Suit
The Dow Jones Industrial Average (DJIA) also took a hit, falling by 0.3% or 106.57 points, closing at 34,517.73.
Factors Behind the Decline
U.S. stocks faced pressure as rising Treasury yields and higher oil prices weighed on equities ahead of the Federal Reserve's upcoming interest-rate decision on Wednesday. Although the central bank is widely expected to maintain borrowing costs, concerns loom over the possibility of future interest-rate hikes that could unsettle the markets.
Maplebear Inc. Makes Successful Trading Debut
In other news, Maplebear Inc., which operates as Instacart (CART), enjoyed a successful trading debut, with its shares climbing 12.3%. This positive performance follows the triumph of Arm Holdings in its recent offering.
Insights from Central Banks
Investors can anticipate insights from various central banks later this week, including the Bank of Japan and Bank of England, in addition to the Federal Reserve's announcement.