WASHINGTON (dpa-AFX) - Stocks have moved mostly lower over the course of the trading day on Wednesday, extending the downward move seen in the previous session. The major averages have also moved to the downside, with the Dow showing a notable decline.
Currently, the major averages are just off their lows of the session. The Dow is down 773.17 points or 1.5 percent at 52,151.98, the S&P 500 is down 61.48 points or 0.8 percent at 7,442.37 and the Nasdaq is down 179.40 points or 0.7 percent at 25,639.29.
The continued weakness on Wall Street comes amid concerns about a re-escalation of the conflict in the Middle East after President Donald Trump declared the U.S.-Iran ceasefire 'over.'
'As far as I'm concerned, it's over,' Trump told reporters at the NATO summit in Ankara, Turkey, calling negotiations with Iran a 'waste of time.'
The president later said that the U.S. will 'very probably' attack Iran 'hard again tonight.'
Trump's comments have contributed to a surge by the price of crude oil, with U.S. crude oil futures spiking by more than 7 percent.
The jump in prices has led to renewed concerns about the outlook for inflation and interest rates ahead of the release of the minutes of the Federal Reserve's June monetary policy meeting later in the day.
Trump's remarks came after U.S. Central Command said it completed a new round of offensive strikes against Iran, hitting over 80 targets in response to Iran's latest attacks on commercial vessels transiting the Strait of Hormuz.
Iran's Revolutionary Guard Corps claimed they targeted U.S. military sites in Bahrain and Kuwait hours after the U.S. strikes.
Sector News
Gold stocks are moving sharply lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 4.6 percent to its lowest intraday level in over seven months.
The sharp increase by the price of crude oil is also contributing to substantial weakness among airline stocks, resulting in a 4 percent nosedive by the NYSE Arca Airline Index.
Housing stocks have also shown a significant move to the downside on the day, with the Philadelphia Housing Sector Index plunging by 3.6 percent.
Banking, software and biotechnology stocks are also seeing considerable weakness, while energy stocks are surging along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index tumbled by 2.1 percent, while China's Shanghai Composite Index slid by 0.5 percent.
The major European markets have also moved to the downside on the day. While the U.K.'s FSE 100 Index is down by 1.4 percent, the French CAC 40 Index and the German DAX Index are both down by 2.1 percent.
In the bond market, treasuries are extending the notable downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 5.8 basis points at 4.587 percent.
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