The market enters a wait-and-see mode, all three major US stock indices open lower together, Nasdaq falls 0.13%, oil price rebounds 1% intraday, spot gold drops below 4,300, and the US dollar strengthens.

Author: Zhang Yaqi, WallstreetCN

Global markets were overall in wait-and-see mode on Wednesday. Stock markets were indecisive, oil prices showed unclear direction following their longest losing streak this year, US Treasuries barely budged, while the US dollar, supported by the Federal Reserve's hawkish stance, strengthened against the trend and became the day's most notable highlight.

The three major US stock indexes all opened lower: the Dow fell 0.18% at the open, the S&P 500 dropped 0.11%, and the Nasdaq declined 0.13%. Popular tech stocks were mixed: Meta rose 1.13%, while SK Hynix fell 1.57%; IONQ shares rose 13%, marking the biggest intraday gain since July 30. Spot gold fell below the $4,300/ounce mark, quoted at $4,299.92/ounce. The dollar climbed for a fourth straight day, reaching its highest level since July.

US-Iran tensions continued to dominate market sentiment. According to reports from CCTV News and Xinhua News Agency, at the request of the US, US and Iranian representatives held a three-hour discussion during the United Nations General Assembly and are preparing for further meetings. In his UN speech, Trump said he faced a major decision—either reach a deal with Iran to end the war or "quickly destroy Iran"—and stated he believed both sides would reach an agreement after the midterm elections. Previously, he remarked that US officials and the Iranian envoy had held "very smooth" talks. Brent crude rose 1.0% intraday to $96.37/barrel.

• All three major US stock indexes opened lower: the Dow fell 0.18% at the open, the S&P 500 dropped 0.11%, and the Nasdaq fell 0.13%. Popular tech stocks were mixed: Meta rose 1.13%, SK Hynix fell 1.57%; IONQ shares surged 13%, the largest intraday increase since July 30.
• The US dollar index rose for the fourth consecutive trading session, up 0.1%.
• The yen fell 0.1% to 157.56 against the dollar.
• Australia's 10-year government bond yield dropped 6 basis points to 5.24%.
• Brent crude rose 1.0% intraday, at $96.37/barrel.
• Spot gold fell below $4,300/ounce, at $4,299.92/ounce.
• Bitcoin rose more than 1% to about $87,200.

As for other assets, the Bloomberg Dollar Index rose for the fourth straight session, up 0.1%. Investors are closely watching the speech of Fed Governor Michael Barr, after another official already warned that inflationary pressures might persist. Gold dropped 0.4% to about $4,345 per ounce, while Bitcoin rose more than 1% to about $87,200.

With this week’s economic calendar relatively light, S&P Global released preliminary September manufacturing and services purchasing managers’ index data on Wednesday. Both US figures are expected to remain consistent with robust growth trends.

As for the eurozone, it brought a surprising positive. Boosted by better-than-expected services figures, eurozone private sector activity expanded at the fastest pace in more than three years. S&P Global’s eurozone composite PMI rose from 52 in August to 53.1, noticeably above the 50 boom-bust line.