NEW YORK, New York – An uptick in U.S. homebuilding triggered by increased demand for construction of new single-dwelling homes, pushed Treasury yields higher again Wednesday. The homebuilding data would normally boost stocks, however the accompanying rise in yields had sellers getting the upper hand.

“We’re in a period of sector rotation, and people are trying to figure out in this new environment, in a full reset of rates across the curve – what are the stocks that are going to continue to do well and what are the stocks that are going to suffer?” asked Rick Meckler, partner at Cherry Lane Investment,, a family investment office in New Vernon, New Jersey.

“Obviously, companies that are highly leveraged have difficulties in this kind of a market, and there probably is a reset in terms of market multiple on some of the big growth names.” Meckler told Reuters Wednesday.

Here are the closing quotes for the major U.S. indices:

^GSPC (S&P 500): The S&P 500, a key indicator of the U.S. stock market, closed at 4,314.60 points, marking a decrease of 58.60 points, equivalent to a 1.34 percent decline. Trading volume for the day reached 2.354 billion shares.

^DJI (Dow Jones Industrial Average): The Dow Jones Industrial Average, another critical benchmark, settled at 33,665.08 points, down by 332.57 points, representing a 0.98 percent decrease. The total trading volume amounted to 282.908 million shares.

^IXIC (NASDAQ Composite): The NASDAQ Composite, known for its tech-heavy composition, finished Wednesday’s trading session at 13,314.30 points, showing a substantial drop of 219.44 points, or 1.62 percent. The day’s trading activity reached 3.948 billion shares.

U.S. Dollar Resumes Upward Trend as Treasury Yields Move Higher on Homebuilding Data

In the ever-volatile world of global foreign exchange markets, Wednesday bore witness to modest moves in the U.S. dollar as major currency pairs danced within a relatively tight range. The day’s currency quotes painted a picture of fractional shifts. Here’s a breakdown of the day’s key developments:

EURUSD (Euro / U.S. dollar)

The euro to U.S. dollar exchange rate looked set to finish the day around 1.0534, experiencing a percent decrease of 0.41 or -0.0043, showcasing the euro’s slight weakening against the dollar.

USDJPY (U.S. dollar / Japanese yen)

The U.S. dollar to Japanese yen pairing settled at about 149.89, registering a percent increase of 0.06 or +0.095, signifying a marginal gain in the U.S. dollar’s strength against the Japanese yen.

USDCAD (U.S. dollar / Canadian dollar)

The Canadian dollar exchange rate last traded at 1.3712, demonstrating a percent increase of 0.48 or +0.0065, underscoring the a modest rise by the greenback against its Canadian counterpart.

GBPUSD (British pound / U.S. dollar)

The British pound to U.S. dollar pairing saw the pound slide to 1.2138 Wednesday, indicating a percent decrease of 0.36 or -0.0043, depicting a slight dip in the British pound’s value compared to the U.S. dollar.

USDCHF (U.S. dollar / Swiss franc)

The Swiss franc exchange rate firmed a touch to 0.8991, reflecting a percent decrease of 0.11 or -0.0010, illustrating the U..S dollar’s marginal decline against the Swiss franc.

AUDUSD (Australian dollar / U.S. dollar)

The Australian dollar dropped to 0.6335, signaling a percent decrease of 0.47 or -0.0029, marking a slight depreciation of the Australian dollar

NZDUSD (New Zealand dollar / U.S. dollar)

The New Zealand dollar slumped to 0.5857, exhibiting a percent decrease of 0.64 or -0.00380, demonstrating a minor devaluation of the New Zealand dollar in comparison to the greenback.

While the currency market exhibited relatively minor shifts, these fluctuations can still have significant implications for global trade, investment, and economic stability. Analysts continue to closely monitor these developments, as even slight changes in exchange rates can impact businesses, economies, and financial markets worldwide.

Global Stock Markets Close Mostly Lower Wednesday, Big Fall in South Africa

On Wednesday, the world’s major stock markets experienced major moves lower, although some bourses managed to eke out minor gains. Here’s a breakdown of the closing world stock market quotes for Wednesday:

CANADA

^GSPTSE (S&P/TSX Composite index): North of the border, the S&P/TSX Composite index in Canada closed at 19,450.70 points, a decrease of 242.10 points, which represents a 1.23 percent loss. The trading volume reached 188.311 million shares.

UNITED KINGDOM

FTSE 100 (^FTSE): The FTSE 100 in London had a rough day, closing at 7,588.00, down 87.21 points or 1.14 percent. The decline was attributed to various factors affecting the global market sentiment.

EUROPE

DAX PERFORMANCE-INDEX (^GDAXI): Germany’s DAX PERFORMANCE-INDEX faced a similar fate, ending the day at 15,094.91, down 156.78 points or 1.03 percent, reflecting a downward trend across European markets.

CAC 40 (^FCHI): France’s CAC 40 was not immune to the negative sentiment, closing at 6,965.99, down 63.71 points or 0.91 percent.

ESTX 50 PR.EUR (^STOXX50E): The European STOXX 50 PR.EUR faced a downturn, closing at 4,105.86, down 46.46 points or 1.12 percent.

Euronext 100 Index (^N100): The Euronext 100 Index closed at 1,302.51, down 11.87 points or 0.90 percent.

BEL 20 (^BFX): Belgium’s BEL 20 experienced a significant drop, closing at 3,462.93, down 55.02 points or 1.56 percent.

RUSSIA

MOEX Russia Index (IMOEX.ME): The MOEX Russia Index closed at 2,222.51, down 4.14 points or 0.19 percent.

ASIA

Nikkei 225 (^N225): On the other hand, Japan’s Nikkei 225 managed to remain relatively stable, closing at 32,042.25, up by a mere 1.96 points or 0.01 percent.

HANG SENG INDEX (^HSI): Hong Kong’s HANG SENG INDEX closed at 17,732.52, down 40.82 points or 0.23 percent. The market experienced some pressure despite attempts to stabilize.

SSE Composite Index (000001.SS): In China, the SSE Composite Index closed at 3,058.71, down 24.79 points or 0.80 percent, with trading volume reaching 1.095 billion shares.

Shenzhen Index (399001.SZ): The Shenzhen Index experienced a significant dip, closing at 9,816.68, down 123.54 points or 1.24 percent, with a trading volume of 1.512 billion shares.

STI Index (^STI): Singapore’s STI Index declined to 3,136.62, down 35.21 points or 1.11 percent.

S&P BSE SENSEX (^BSESN): In India, the S&P BSE SENSEX closed at 65,877.02, down 551.07 points or 0.83 percent.

NIFTY 50 (^NSEI): India’s NIFTY 50 meantime closed at 19,671.10, down 140.40 points or 0.71 percent.

IDX COMPOSITE (^JKSE): Indonesia’s IDX COMPOSITE closed at 6,927.91, down 11.71 points or 0.17 percent.

FTSE Bursa Malaysia KLCI (^KLSE): The FTSE Bursa Malaysia KLCI closed at 1,446.54, up 2.41 points or 0.17 percent.

KOSPI Composite Index (^KS11): South Korea’s KOSPI Composite Index closed at 2,462.60, up 2.43 points or 0.10 percent.

TSEC weighted index (^TWII): Taiwan’s TSEC weighted index experienced a decline, closing at 16,440.91, down 201.64 points or 1.21 percent.

OCEANIA

ALL ORDINARIES (^AORD): The Australian ALL ORDINARIES managed to close slightly higher at 7,265.70, up 21.30 points or 0.29 percent.

S&P/ASX 200 (^AXJO): Australia’s S&P/ASX 200 meanwhile saw a modest increase, closing at 7,077.60, up 21.50 points or 0.30 percent.

S&P/NZX 50 INDEX GROSS (^NZ50): Across the Tasman, New Zealand’s S&P/NZX 50 INDEX GROSS showed modest gains, closing at 11,221.48, up 7.11 points or 0.06 percent.

AFRICA

Top 40 USD Net TRI Index (^JN0U.JO): South Africa’s Top 40 USD Net TRI Index suffered a notable decline, closing at 3,741.98, down 105.89 points or 2.75 percent.

MIDDLE EAST

TA-125: Israel’s TA-125 got a boost from the arrival in the country of U.S. President Joe Biden, closing at 1,713.38, up 9.35 points or 0.55 percent.

EGX 30 Price Return Index (^CASE30): Egypt’s EGX 30 Price Return Index closed at 22,117.40, up 43.40 points or 0.20 percent, with trading volume reaching 287.018 million shares.