US stocks falls as investors worry over prospects of a slowing economic recovery
- Major indexes fell Wednesday, stretching losses from the previous day's session.
Nasdaq Compositeslipped from record highs notched on Tuesday.
- A report from the Fed said the central bank was observing a slight slowdown in economic activity.
The Federal Reserve in its so-called Beige Book report Wednesday afternoon said there's been a slight deceleration in economic activity from the moderate pace of recovery in early July through August. Stock investors have been showing some caution after last week's US August jobs report, with the 235,000 payroll additions falling fall far short of expectations.
Here's where US indexes stood at 4:00 p.m. on Wednesday:
- S&P 500: 4,514.07, down 0.13%
- Dow Jones Industrial Average: 35,031.07, down 0.2% (68.93 points)
- Nasdaq Composite: 15,286.64, down 0.57%
The Fed's report, which characterizes changes in economic conditions across its 12 districts, said the deceleration was largely attributable to a pullback in dining out, travel, and tourism, reflecting safety concerns due to the rise of the Delta variant of the coronavirus.
The Fed will hold a two-day meeting starting on September 21 and will release its summary of economic projections, or its dot-plot chart of interest-rate expectations.
Globalstar soared on ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models.
Gold fell 0.2% to $1,789.73 per ounce. The yield on the US 10-year Treasury note fell to 1.33%.
Oil prices climbed. West Texas Intermediate crude rose 1.5% to $69.34 per barrel. Brent crude, oil's international benchmark, gained 1.3%, to $72.65 per barrel.
Bitcoin fell by 1% to $46,326.77 after plunging Tuesday during El Salvador's rocky rollout of the cryptocurrency as legal tender.
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