Nasdaq closes in correction territory

Markets mostly fell on Wednesday.

In the US, the S&P 500 fell 1.0 percent while the Nasdaq fell 1.1 percent into correction territory after having fallen 10.7 percent from its most recent record close in November 2021.

Elsewhere, the Nikkei 225 plunged 2.8 percent but the STOXX Europe 600 rose 0.2 percent.

“Investors worry that higher rates and tighter financial conditions will lead to valuation compression, in effect undoing much of the Fed’s decade-long largesse,” said Jack Ablin, Cresset Capital founding partner and CIO.