US stocks snapped a four-day win streak on Wednesday as optimism around talks between Russia and Ukraine faded.
Russia said it has yet to see any breakthrough in its talks with Ukraine, and that a lot of work still remains.
Commodity prices rebounded, adding to ongoing concerns of persistent inflation.
US stocks fell on Wednesday, snapping a four-day win streak as investor optimism surrounding ongoing peace talks between Russia and Ukraine faded.
Stocks had surged on Tuesday after Russia said it would pull back its troops from Kyiv and seek to continue talks with Ukraine, but some believe the move by Russia is simply a strategy to concentrate its military focus on eastern regions from Ukraine.
“As nice as the peace talks initially sound, there’s skepticism over Russia’s true intentions,” Matt Simpson, senior market analyst at City Index, said. “They haven’t been true to their word with humanitarian corridors, and it’s possible their pledge to scale down their ‘military operations’ around Kyiv is simply a ploy to disperse their troops elsewhere.”
Ongoing talks between the two countries continue to have an impact on commodities, as oil prices jumped on Wednesday following Russia’s downbeat assessment of ongoing talks.
Here’s where US indexes stood at the 4:00 p.m. ET close on Wednesday: