Stocks showed a notable downturn over the course of the trading day on Wednesday after failing to sustain an early upward move. The pullback came as worries about the political situation in Greece once again overshadowed a batch of upbeat U.S. economic data.
Most of the major sectors moved to the downside over the course of the trading day, reflecting the weakness that emerged in the broader markets.
Electronic storage stocks showed a significant downward move, dragging the NYSE Arca Disk Drive Index down by 2.9 percent to a nearly four-month closing low. Hutchinson Technology (HTCH) and SanDisk (SNDK) turned in two of the sector's worst performances.
Considerable weakness also emerged among telecom stocks, as reflected by the 2.5 percent loss posted by the NYSE Arca Telecom Index. The index fell to a three-month closing low amid steep losses by Level 3 Communications (LVLT) and Qualcomm (QCOM).
Steel stocks also came under pressure amid concerns about demand, resulting in a 2.3 percent drop by the NYSE Arca Steel Index. Brokerage, housing, and semiconductor stocks also posted steep losses.
The major averages all ended the day in negative territory, near their worst levels of the day. The Dow slipped 33.45 points or 0.3 percent to 12,598.55, the Nasdaq fell 19.72 points or 0.7 percent to 2,874.04 and the S&P 500 dropped 5.86 points or 0.4 percent to 1,324.80.
The losses extended a recent downward move by the major averages, with the Dow hitting a nearly four-month closing low, while the Nasdaq and the S&P 500 set new three-month lows.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.