- The major Wall Street indices are moving into negative territory on Wednesday.
- Tech stocks are taking heavy losses after the opening bell.
- Rising crude prices support energy stocks in early trading.
Following Tuesday’s impressive rally, major US stock indices have opened in negative territory on Wednesdayas investors appear to be taking a step back as they await the next significant catalyst. Reflecting cautious market sentiment, the CBOE volatility index, Wall Street’s fear indicator, rises 1.5% on day.
Hours earlier, data released by the ADP research institute showed that the private sector in the US added 307,000 new jobs in November and fell short of analysts’ estimate of 410,000.
At the time of writing, the Dow Jones Industrial Average is down 0.5% on the day at 29,691, the S&P 500 is down 0.45% at 3,645 and the Nasdaq Composite is down 1.05% at 12,325.
Among the top 11 sectors of the S&P 500, the risk-sensitive technology index falls 1.2% on the day. On the other hand, the energy sector index is gaining 0.75% supported by a 1% rise in crude prices.
S&P 500 daily chart
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