US stock markets closed mostly lower on Wednesday in a session characterized by a significant selloff, mainly in the banking sector due to the financial troubles of Credit Suisse. Energy stocks suffered during the day, while oil prices were down by 7.5%, reaching lows not seen since December 2021.
Also today, the Census Bureau said that inventories in the manufacturing and trade sectors declined 0.1% in January, just slightly below expectations, to hit $2,479.6 billion. On the other side, producer prices and retail sales decreased by 0.1% and 0.4%, respectively, in February.
At the close, the Dow Jones lost 0.87% or 280 points, with JPMorgan sinking 4.71%. The Nasdaq 100 rose 0.42%, while Sirius XM, the best performer, increased by 3.70%. The S&P 500 declined 0.69%, as First Republic Bank dropped by 20.57%, giving up the gains it had made a day earlier. The euro was down 1.46% against the dollar at 3:58 pm ET, selling for $1.05762.
