U.S. stocks settled sharply lower on Wednesday following midterm elections.
Wall Street snapped its three-session rally on Wednesday with investors awaiting data on inflation, which might show easing in US consumer prices.
Shares of The Walt Disney Company (NYSE:DIS) dipped 13%, recording its biggest single-day decline since 2001, after the company reported weaker-than-expected Q4 results.
Tesla, Inc. (NASDAQ:TSLA) shares dropped 7% after CEO Elon Musk disclosed the sale of nearly $4 billion in stock following his recent acquisition of Twitter.
The Nasdaq 100 dropped 2.37% to close at 10,797.55 on Tuesday, amid losses in shares of Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN). The S&P 500 fell 2.08%, while the Dow Jones tumbled around 647 points to settle at 32,513.94 in the previous session.
All the major sectors on the S&P 500 closed on a negative note, with energy and consumer discretionary stocks recording the biggest plunge on Wednesday.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 2.2% to 26.09 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.
