Major US stock market indices closed in negative territory on Tuesday as fresh US economic data raised concerns of a recession.
The Flash Purchasing Manufacturing Index (PMI) figure from S&P Global on Tuesday pointed to the US private sector narrowing in August at the sharpest rate in the last two years.
The manufacturing PMI fell to 51.3 in August and for services, the index dove to 44.1.
The Dow Jones lost 154.62 points, or 0.47%, to end the day at 32,908, while the S&P 500 dropped 10.73 points, or 26%, to 4,127.
The tech-heavy Nasdaq was flat at 12,381 at Tuesday’s close.
The VIX volatility index, also known as the fear index, rose 0.71% to 23.97. The 10-year US Treasury yield climbed 0.98% to 3.065%.
The dollar index was down 0.46% to 108.480.
Precious metals were on the rise, with gold adding 0.66% to $1,760 after hitting a three-week low in the previous session and silver rising 0.63% to $18.99.
Oil prices rose on Tuesday over looming supply concerns as Saudi Arabia signaled possible output cuts if required amid extreme market volatility, which is blurring sentiment and putting downward pressure on prices.
Global oil benchmark Brent crude was at $100.18 per barrel for a 3.83% gain, while US benchmark West Texas Intermediate (WTI) jumped 3.62% to $93.63.
Source: Anadolu Agency