- Google Finance
Stocks are sliding following the second-best day of the year for the Dow and the S&P 500.
After rallying more than 170 points in early trade, stocks gave back much of their gains and fell to session lows in afternoon trade. Near 1:58 p.m. ET, the Dow was down 98 points, the S&P 500 was down 9 points, and the Nasdaq was down 13 points.
On Tuesday, the major indexes closed more than 2% higher.
Stock markets rallied across the globe, but none like Japan’s. The benchmark Nikkei index closed up 7.7%, a 1,000-point gain on its biggest day in nearly seven years.
The big move higher came after prime minister Shinzo Abe won a new three-year term as his political party’s leader, and vowed to cut corporate taxes by at least 3.3 percentage points next year.
China’s stock market also rallied again, with the Shanghai Composite up 2%. Yesterday, China’s finance ministry said it will speed up “proactive fiscal policy and related measures” to support the economy.
The Job Openings and Labor Turnover Survey was the only thing on the US economic calendar today. It showed that job openings surged to a record high of 5.75 million in July, while the quits rate held steady at for a fourth month at 1.9%. The JOLTS report is one of Federal Reserve chair Janet Yellen’s favorite labor market indicators, and is key today ahead of the FOMC’s interest rate decision next week.
It’s Apple event day, and it’s anticipated that the company will unveil a new flagship iPhone in San Francisco. You can read our coverage of the event here.