US stocks close lower before Fed chair's speech

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock exchanges closed lower Thursday ahead of the Federal Reserve chairman’s speech.

The Dow Jones Industrial Average decreased 177 points, or 0.43%, to finish the session at 40,712.

The S&P 500 lost 50 points, or 0.89%, reaching 5,570. The Nasdaq Composite fell almost 300 points, or 1.67%, to 17,619.

The VIX volatility index, referred to as the "fear index," climbed 7.9% to 17.55. The 10-year US Treasury yield fell 0.2% to 3.854%.

The US dollar index added 0.47% to 101.51, while the euro remained unchanged against the dollar at $1.1113.

Precious metals were mixed, with gold steady at $2,484 per ounce but silver losing 0.1% to $28.95 per ounce.

Oil prices were mostly unchanged, with global benchmark Brent crude at $77.14 per barrel and US benchmark West Texas Intermediate at $72.91 per barrel.

Investors are now focused on Fed Chair Jerome Powell's speech on Friday at the annual Jackson Hole symposium in the US state of Wyoming.