US stocks decline for a 2nd day as concerns over slowing economic growth persist

Traders work at the NYSE Thomson Reuters floor
US stocks fell Wednesday due to concerns that US economic growth may slow down.

The Federal Reserve has a snapshot of the economic situation in America.

After Tuesday's plunge in Bitcoin during El Salvador's legalization of cryptocurrency, the currency fell.

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On Wednesday, US stocks tumbled further than Tuesday due to mounting concern that the recovery of the largest economy in the world from the shock caused by the pandemic was slowing.

After suffering a 267-point drop in the previous session, the Dow Jones Industrial Average pulled back while the Nasdaq Composite fell from its record high.

Stock investors are showing caution following last week's US August Jobs Report. The 235,000 job increases that fell short of expectations have caused stock investors to be cautious. Goldman Sachs economists cut Tuesday's US growth forecasts for 2021 after receiving the data.

The Federal Reserve's Beige Book will give investors a fresh look at economic conditions in the country at 2 p.m. Eastern Time. This report identifies the changes in economic conditions within each of its 12 districts.

Here are the US indexes at 9:30 AM on Wednesday.

In its June update, the Fed saw a moderate increase in economy. Many districts pointed to positive effects of increased vaccination rates and loosening social distancing. They also noted adverse effects from supply chain disruptions.

Two-day Fed meeting will be held starting September 21. The Fed will release its summary economic projections or dot-plot diagram of interest-rate expectation.

Coinbase shares dropped around the markets. The Securities and Exchange Commission planned to sue Coinbase if it released its lending product. CEO Brian Armstrong complained about the regulator’s "sketchy behaviour".

Gold gained 0.4% to $1800.18 an ounce. The yield on the US 10-year Treasury Note fell to 1.35%.

Oil prices climbed. West Texas Intermediate crude oil rose 1.3% to $69.22 a barrel. Brent crude oil, the international benchmark for oil, rose 1% to $72.39 per barrel.

After plunging Tuesday's rough El Salvador rollout, Bitcoin fell 0.4% to $46,626.93