While the Dow Jones Industrial Average DJIA,
On Wednesday, it faced the biggest one-day skid around October, with market insiders suggesting investors on the New York Stock Exchange and Nasdaq buy rather than sell shares. Arms Index Arms Index, a measure of volume-weighted width, fell to 0.234, while many on Wall Street see declines below 0.500, suggesting panic buying. The arms index is calculated by dividing the ratio of the number of advanced stocks decreasing to the ratio of the volume of advanced stocks to the decreasing volume and the weapons index often falls below 1,000 as buyers rush to advance stocks. The Nasdaq Arms index was at 0.287. Meanwhile, Nasdaq Composite COMP,
fell 1% to 13,484, the S&P 500 SPX index,
it fell 1.3% to 3,798, losing adherence to a key psychological level at 3,800, and the Dow traded 1.4% lower at 30,525. Downward movements came as investors found some reason to buy shares amid the focus on retail investors bidding heavily shortened shares, such as GameStop GME,
Later in the day, investors are also waiting for a policy update from the Federal Reserve at 14:00 ET, with Jerome Powell holding a press conference at 14:30.