Major Averages Shed Ground As Geopolitical Uncertainty, Rate Concerns Weigh

(RTTNews) - U.S. stocks drifted lower on Wednesday as higher bond yields and oil's rebound amid uncertainty about Strait of Hormuz reopening rendered the mood weak. Prospects of another interest rate hike by the Federal Reserve weighed as well on sentiment. Data showing strong manufacturing and services sector activity in the month of September appears to be limiting market's downside to some extent. The major averages are all down in negative territory around mid afternoon. The Dow was down 285.35 points or 0.55% at 51,578.34. The S&P 500 slid 48.29 points or about 0.6% to 7,716.35, while the Nasdaq dropped 299.25 points or 1.1% at 26,945.03. AI-related stocks are exhibiting weakness, while energy stocks are finding support.