(Sharecast News) - Major indices were in the red at the open on Wednesday after a weak session, with markets still grappling with another jump in oil prices and the inflation worries that come with it.
As of 1500 BST, the Dow Jones Industrial Average was down 0.74% at 52,394.78, while the S&P 500 shed 0.28% to 7,651.76 and the Nadsaq Composite came out of the gate 0.34% weaker at 26,331.75.
The Dow opened 391.29 points lower on Wednesday, extending losses recorded in the previous session as the blue chip inde turned in its worst daily showing in almost three weeks following a strong move higher in oil prices as Wall Street traders returned from the Labor Day break.
Crude extended its ascent at the open on Wednesday as tensions between the US and Iran raised the risk of further disruption to Middle East supply, with West Texas Intermediate for October 3% higher at $95.82 a barrel, while international benchmark Brent was up 3.13% at $100.98 a barrel.
Treasury yields also pushed up early on Wednesday, with the benchmark 10year Treasury note around half a basis point higher at 4.800%, as higher energy prices fed concerns that inflation could prove sticky - adding further pressure to equities.
On the macro front, mortgage applications decreased 2.7% in the week ended 4 September, according to the Mortgage Bankers Association, more than reversing the 0.8% increase seen a week earlier. The drop came as benchmark mortgage rates rose sharply, with the 30year fixed rate hitting a 15-month high of 6.58%, amid high energy prices, elevated debt supply, and widening deficits. Applications to refinance a mortgage, which are typically more sensitive to shortterm interest rate moves, fell by 6% week-on-week, while applications to purchase a home were broadly flat.
No major corporate earnings were slated for release on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $104.02 3.35%
Chevron Corp. (CVX) $214.82 2.47%
Salesforce.Com Inc. (CRM) $253.13 1.50%
International Business Machines Corporation (CDI) (IBM) $233.52 1.03%
Boeing Co. (BA) $211.54 0.38%
Merck & Co. Inc. (MRK) $149.08 0.15%
Cisco Systems Inc. (CSCO) $109.55 0.10%
Apple Inc. (AAPL) $315.97 0.08%
Dow Chemical Co. (DOW) $29.34 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Jones - Fallers
Amgen Inc. (AMGN) $391.79 -3.49%
Unitedhealth Group Inc. (UNH) $385.73 -2.24%
Nike Inc. (NKE) $37.34 -1.99%
Procter & Gamble Co. (PG) $143.32 -1.96%
Goldman Sachs Group Inc. (GS) $1,022.73 -1.54%
Walt Disney Co. (DIS) $103.57 -1.44%
American Express Co. (AXP) $322.83 -1.20%
3M Co. (MMM) $165.71 -1.08%
Verizon Communications Inc. (VZ) $50.02 -0.88%
Home Depot Inc. (HD) $311.71 -0.79%
S&P 500 - Risers
Meta Platforms Inc. (META) $647.88 4.52%
Akamai Technologies Inc. (AKAM) $109.50 4.31%
Advanced Micro Devices Inc. (AMD) $515.72 4.09%
Sysco Corp. (SYY) $81.97 3.88%
United Rentals Inc. (URI) $1,044.67 3.80%
Intel Corp. (INTC) $104.02 3.35%
Schlumberger Ltd. (SLB) $59.07 3.00%
Exxon Mobil Corp. (XOM) $164.49 2.71%
Hewlett Packard Enterprise (HPE) $56.97 2.68%
CH Robinson Worldwide Inc (CHRW) $152.59 2.59%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Booking Holdings Inc. (BKNG) $172.24 -8.22%
Expedia Group Inc. (EXPE) $265.93 -7.60%
Charter Communications Inc. (CHTR) $144.48 -4.10%
Dollar Tree Inc (DLTR) $120.76 -4.06%
Marriott International - Class A (MAR) $322.05 -3.86%
Coty Inc. Class A (COTY) $2.65 -3.80%
Revvity, Inc. (RVTY) $123.35 -3.69%
Equity Residential (EQR) $63.66 -3.50%
Amgen Inc. (AMGN) $391.79 -3.49%
Nasdaq 100 - Risers
Meta Platforms Inc. (META) $647.88 4.52%
Intel Corp. (INTC) $104.02 3.35%
Tesla Inc (TSLA) $373.88 2.94%
Baidu Inc. (BIDU) $93.30 1.72%
Skyworks Solutions Inc. (SWKS) $75.95 1.66%
Seagate Technology Plc (STX) $900.04 1.55%
Mondelez International Inc. (MDLZ) $61.61 1.28%
eBay Inc. (EBAY) $101.91 1.24%
Applied Materials Inc. (AMAT) $466.92 1.06%
Wynn Resorts Ltd. (WYNN) $91.64 0.73%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Booking Holdings Inc. (BKNG) $172.24 -8.22%
Expedia Group Inc. (EXPE) $265.93 -7.60%
Mercadolibre Inc. (MELI) $1,862.76 -4.36%
Charter Communications Inc. (CHTR) $144.48 -4.10%
Dollar Tree Inc (DLTR) $120.76 -4.06%
Marriott International - Class A (MAR) $322.05 -3.86%
Amgen Inc. (AMGN) $391.79 -3.49%
DENTSPLY Sirona Inc. (XRAY) $10.86 -3.43%
Verisk Analytics Inc. (VRSK) $173.75 -3.38%
141.60 (1.31%)
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