VIAC - Stocks Dawdle amid Fed Ukraine Concerns
U.S. stocks dipped Wednesday as traders assessed the Russia-Ukraine conflict and awaited the release of minutes from the Federal Reserve's last meeting.
The 30-stock index swooned 224.79 points to 34,764.05.
The S&P 500 lost 36.17 points to 4,434.90.
The NASDAQ jettisoned 191.5 points to 13,948.25.
ViacomCBS was the biggest loser in the S&P 500 on Wednesday, with shares falling more than 19% after the company said it is re-branding itself as Paramount Global to focus on streaming. The company also reported lower-than-expected quarterly earnings.
Shares of Wynn Resorts dipped more than 3% after the casino operator beat on revenue, but posted a larger-than-expected loss per share.
Facebook parent Meta Platforms shares fell around 2% after the tech giant reportedly rolled out a new set of corporate values in its latest attempt to manage its demoralized employees.
Markets have been driven largely by concerns over the Russia-Ukraine conflict and the Federal Reserve's plan to hike interest rates.
In the most recent geopolitical developments, NATO officials on Wednesday accused Russia of massing troops at the Ukrainian border.
On the data front, retail sales surged 3.8% in January, the Census Bureau reported Wednesday. Economists expected the report to show sales rose 2.1% in January after a 1.9% decline in December.
As inflation runs hot, Wall Street is looking ahead to the minutes from the Federal Reserve's January meeting, which will be released Wednesday at 2 p.m. ET.
Prices for 10-year Treasurys eked up, lowering yields to 2.04%, from Tuesday's 2.05%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.04 to $94.11 U.S. a barrel.
Gold prices progressed $8.20 to $1,864.40 U.S. an ounce.