Another selloff on commodity markets on Wednesday pulled stocks lower to close out another session in the red. The Nasdaq was the only benchmark index to close with gains, thanks to another boost to Apple (AAPL) shares.
The S&P 500 was down 0.06%, and the Dow Jones Industrial Average fell 0.18%. The Nasdaq remained in the green, rising 0.36%. Benchmark indexes had all climbed earlier in the session.
Crude oil prices notched another 3% loss on Wednesday, despite data showing a decline in crude inventories in the past week. The Energy Information Administration reported a decline of 600,000 barrels in crude stocks over the past week, a welcome sign of diminishing supplies in the face of tepid demand. The American Petroleum Institute reported an increase in U.S. crude oil inventories of 1.4 million barrels overnight.
Crude sold off a day earlier after the International Energy Agency said global demand growth was slowing by more than previously thought. The energy watchdog predicted the slowdown would continue in 2017. Commodity traders are already nervous over ballooning international supply.
West Texas Intermediate crude oil closed 2.9% lower at $43.58 a barrel on Wednesday.
Markets have moved in a wide range over the past three days, as Federal Reserve chatter left investors uncertain which way officials will vote at next week's policy meeting. Chances of an increase in interest rates this month now sit at around 15%, according to CME Group's Fed funds futures. This comes after welcomed dovish remarks from Fed Gov. Lael Brainard at the beginning of the week. The December meeting has higher chances at 45%.