Economy

US stocks tumble, Dow loses for first time in 5 sessions

VIX volatility index soars 6.9%

Ovunc Kutlu   | 27.07.2021
US stocks tumble, Dow loses for first time in 5 sessions

ANKARA

US stocks opened lower Tuesday while the Dow was down for the first time after five consecutive days of gains.

The blue-chip index tumbled 194 points to 34,950 at 9.48 a.m. in New York with investment banking firm Goldman Sachs sliding 1.3%.

The S&P 500 declined 18 to 4,404 while the Nasdaq was down 78 to 14,760.

Despite Tesla seeing net income surpass the $1 billion mark in the second quarter for the first time in the company's history, the electric carmaker's stock price was down 1.4%.

The sudden decline in indexes came one day before the conclusion of the Federal Reserve's two-day meeting on Wednesday, and the strong sell-off in Chinese tech stocks on the Hong Kong stock exchange has continued for a second straight day due to unresolved trade talks between the US and China.

Due to high uncertainty, the VIX volatility index, known as the fear index, was up for a second day in a row, soaring 6.9% to 18.79.

The dollar index was flat at 92.62, while the yield on 10-year US Treasury notes decreased 3% to 1.238%.

While gold was up 0.2% to $1,800 per ounce, silver fell 0.7% to $25.


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