US stocks traded lower on Wednesday, paving their way to extend a string of losses as dismal Chinese trade data highlight ongoing worries over the global economy dipping into a recession.
The S&P 500 was on track for a fifth consecutive losing session as a chorus of Wall Street banks and CEOs including JPMorgan boss Jamie Dimon in recent days have been warning investors to brace for a sharp decline in stocks next year and for contraction in economic activity in the US and other economies.
Chinese trade figures released Wednesday emphasized recession fears even as the world’s second-largest economy continued to roll back its zero-COVID policy measures related to quarantines and testing. Official data released by the government showed exports in November shrunk by 8.7% in November from a year earlier, the worst decline since February 2020 when the COVID outbreak was starting to spread worldwide.
Here’s where US indexes stood at the 9:30 a.m. opening bell on Wednesday:
- S&P 500: 3,934.80, down 0.16%
- Dow Jones Industrial Average: 33,594.41, down 0.01% (1.93 points)
- Nasdaq Composite: 10,975.33, down 0.36%