Dow Jones falls 450 points from highs in another volatile session while S&P 500, Nasdaq gain

Benchmark indices on Wall Street saw yet another choppy session on Wednesday, October 15, as indices gave up gains to end off the highs of the session.

The Dow Jones fell nearly 450 points from the day's high to end below the flat line, and although the S&P 500 and Nasdaq ended the session higher, they too were down from their respective intraday highs.

CBOE Vix, the fear gauge on Wall Street, ended lower but continues to remain above the mark of 50.

The Dow gave up all of its gains despite banking majors reporting strong results for the quarter. Both Morgan Stanley and Bank of America's shares gained 5% each after their respective results surpassed street expectations. In fact, Morgan Stanley reported zero loan loss provisions during the quarter.

In an interview to CNBC, US Treasury Secretary Scott Bessent said that the US will not change its negotiating stance with China based on how the stock market reacts, but will continue to do what is in the best economic interests of the US.

Fed traders are also pricing in one outsized cut either in October or December after Chair Jerome Powell's remarks on Tuesday and the recent emerging tariff related uncertainties. Newly appointed Fed Governor Stephan Miran said that these uncertainties make it all the more necessary for the Fed to reduce rates quickly.

Shutdown of the US government entered yet another day amidst a Federal judge ordering the Trump administration to halt the layoffs of workers for now after notices were sent to over 4,000 employees over the weekend.

The US Dollar index fell below the mark of 99 after a recent rally, while Gold prices continued to soar, crossing the mark of $4,200 an ounce in the futures market on Comex.