ALBAWABA - The U.S. indexes closed with collective losses in Wednesday's session under the pressure of rising Treasury bond yields and concerns about high-interest rates persisting for an extended period following U.S. service sector data.
The Institute for Supply Management revealed that the non-manufacturing Purchasing Managers' Index (PMI) rose to 54.5 last month, surpassing expectations of 52.5, while the measure of prices paid by service sector companies for inputs also increased.
Performance of the U.S. major indexes:
The Dow Jones index declined by 0.66%, equivalent to a 199-point drop, marking its second consecutive session of losses.
The S&P 500 also decreased by 0.7%, with all sectors except energy and utilities experiencing declines.
The Nasdaq Composite index led the declines on Wall Street, falling by over 1% and registering its third consecutive daily loss.
Apple stocks:
Apple's stock declined by 3.6% in Wednesday's session, marking its largest daily loss in a month, causing the company to lose $106 billion in market value in a single day. This loss came after reports of China prohibiting central government officials from using iPhones and other foreign-branded devices for work.
Lockheed Martin stocks:
Lockheed Martin's stock dropped by approximately 5% in Wednesday's session, reaching its lowest levels in 11 months, following the U.S. arms manufacturer's reduction in delivery forecasts for its F-35 aircraft.
