US stocks trying to recover from losses

By Ovunc Kutlu

ISTANBUL (AA) - US stocks are trying to recover Wednesday from the previous session's major selloff when inflation figures were above expectations and fueled worries the Federal Reserve's first interest rate cut in 2024 could be delayed.

The Dow Jones added 75 points, or 0.2%, to 38,350 at 9.45 a.m. EDT. The blue-chip index dove 1.35% on Tuesday to post its worst daily performance since last March.

The S&P 500, meanwhile, was up 27 points, or 0.56%, to 4,980. The index fell 1.37% in the previous session.

The Nasdaq rose 113 points, or 0.72%, to 15,768 after the tech-heavy index plummeted 1.8% the previous day.

The major selloff on Tuesday was a result of US consumer inflation figures coming in higher than expectations, which ignited fears that the Federal Reserve's first rate cut could be delayed.

The VIX volatility index, also known as the fear index, retreated 8% to 14.58, after soaring 13.8% to 15.85 at Tuesday's closing.

The 10-year US Treasury yield jumped 3.7% to 4.324% but was down 0.4% to 4.301% shortly after the opening bell.

The dollar index decreased 0.17% to 104.79, while the euro rose 0.07% to $1.0716 against the greenback.

Precious metals were mixed, with gold trimming 0.2% to $1,989 per ounce but silver increasing 0.1% to $22.15.

Oil prices showed gains, with global benchmark Brent crude adding 1% to $83.59 per barrel and US benchmark West Texas Intermediate crude increasing 1.1% to $78.73.