U.S. Stocks Retreat as Utilities, Basic Materials, and Oil & Gas

U.S. stocks experienced a downturn on Wednesday, with losses primarily concentrated in the Utilities, Basic Materials, and Oil & Gas sectors, leading major indices lower at the close of trading.

On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average witnessed a downfall in stock price by 0.25%. In addition, the broader S&P 500 index and the tech-heavy NASDAQ Composite index also had a downfall loss, falling by 0.56% and 0.59%, respectively.

Among the top performers on the Dow Jones Industrial Average, Boeing Co (NYSE:BA) are on top, which had a rise of 1.27%, followed by UnitedHealth Group Incorporated (NYSE:UNH) and Salesforce Inc (NYSE:CRM). It added 1.12% and 0.84%, respectively. Conversely, Walgreens Boots Alliance Inc (NASDAQ:WBA) was among the session’s worst performers, falling by 3.06%, along with Caterpillar Inc (NYSE:CAT) and Walt Disney Company (NYSE:DIS), which declined by 2.99% and 2.91%, respectively.

On the S&P 500, Johnson Controls International PLC (NYSE:JCI) emerged as one of the top gainers, rising by 3.49%, followed by PayPal Holdings Inc (NASDAQ:PYPL) and CME Group Inc (NASDAQ:CME), which gained 2.48% and 2.20%, respectively. Conversely, Albemarle Corp (NYSE:ALB), Boston Properties Inc (NYSE:BXP), and Wynn Resorts Limited (NASDAQ:WYNN) were among the top decliners, falling by 4.17%, 3.68%, and 3.60%, respectively.

Meanwhile, on the NASDAQ Composite, Mountain Crest Acquisition Corp IV (NASDAQ:MCAF) experienced a significant surge, rising by 77.50%, followed by Fitell Corp (NASDAQ:FTEL) and WANG & LEE GROUP Inc (NASDAQ:WLGS), which gained 34.34% and 32.65%, respectively. Conversely, Roma Green Finance Ltd (NASDAQ:ROMA), Phunware Inc (NASDAQ:PHUN), and DatChat Inc (NASDAQ:DATS) were among the top decliners, falling by 70.84%, 61.29%, and 49.37%, respectively.

Overall, falling stocks outnumbered advancing ones on both the NYSE and the NASDAQ, with 2148 falling and 722 advancing on the NYSE, and 2197 falling and 1228 advancing on the NASDAQ. Shares in Roma Green Finance Ltd (NASDAQ:ROMA) and DatChat Inc (NASDAQ:DATS) hit all-time lows, falling by 70.84% and 49.37%, respectively.

In commodities trading, Gold Futures for February delivery fell by 1.05% to $2,008.85 a troy ounce, while Crude oil for delivery in March rose by 0.21% to $72.67 a barrel.

In forex trading, EUR/USD remained unchanged at 1.09, while USD/JPY rose by 0.69% to 148.20. The US Dollar Index Futures was up by 0.04% at 103.15.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, rose by 6.86% to 14.79, reaching a new 1-month high.

Investors will closely monitor market developments amid ongoing volatility and assess the implications for future trading sessions.