US stocks closed lower on Wednesday, with the Nasdaq tumbling to a 2022 closing low.
Investors assessed increasing Covid-19 cases in China, and mixed economic reports.
Shares of Tesla Inc (NASDAQ:TSLA) rose around 3.3% on Wednesday, a day after falling to the weakest level in over two years.
All the major sectors on the S&P 500 closed on a negative note, with energy and information technology stocks recording the biggest plunge on Wednesday.
The benchmark S&P 500 is down around 20% year-to-date, and is on course to record its biggest yearly loss since the 2008 financial crisis.
The Nasdaq 100 dipped 1.32% to close at 10,679.34 on Wednesday, amid decline in shares of Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT).
The S&P 500 fell 1.20%, while the Dow Jones fell 1.10% to 32,875.71 in the previous session. Apple Inc. (NASDAQ:AAPL) weighed heavily on the Dow index, with the company’s shares dropping to another 52-week low on Wednesday.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) gained 2.3% to 22.14 points on Wednesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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