U.S. stocks settled mostly lower on Wednesday, as investors monitored minutes from the recent Federal Reserve meeting.
U.S. producer prices jumped more than economists had expected last month despite the Federal Reserve's aggressive response to runaway inflation. The producer price index (PPI) increased 0.4% in September, the U.S. Bureau of Labor Statistics. The number came in above average economist estimates for an increase of 0.2%.
The Nasdaq 100 fell 0.05% to close at 10,785.62 on Wednesday amid a decline in Apple Inc AAPL shares, while the S&P 500 fell 0.33%. The Dow Jones fell around 28 points to settle at 29,210.85 in the previous session.
Majority of the sectors on the S&P 500 closed on a lower note, with utilities and real estate stocks recording the biggest decline on Wednesday. However, energy stocks were among the top performers, gaining around 0.8% in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) slipped 0.1% to 33.60 points.
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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