US Indexes Close Lower Wednesday
The Dow Jones Industrial Average closed at 23,247.97 on Wednesday with a loss of 516.81 points or -2.17%. The S&P 500 closed at 2,820.00 for a loss of 50.12 points or -1.75%. The Nasdaq Composite closed at 8,863.17 for a loss of 139.38 points or -1.55%. The VIX Volatility Index was higher at 35.25 for a gain of 2.21 points or 6.69%.
Wednesday's market movers
U.S. stocks were lower Wednesday. Comments from Federal Reserve Chair Jerome Powell during an economic webcast hosted by the Peterson Institute for International Economics caused concern over the potential for a rebound. Powell advocated more fiscal spending and expressed sentiment against negative rates. Powell also said that the pandemic was unprecedented, making it challenging to navigate.
Grubhub (GRUB) ended lower Wednesday after Uber (UBER) refused its bid but counteroffered with a 1.9 per share exchange ratio.
On the earnings calendar:
Kodak (NYSE:KODK): Reported Tuesday evening. Revenue of $267 million decreased 8.2% year over year with a net loss of $111 million.
Cisco (CSCO): Revenue of $11.98 billion decreased 7.6% year over year and beat estimates by $130 million. Third-quarter GAAP earnings of 65 cents beat estimates by 9 cents and non-GAAP earnings of 79 cents beat estimates by 8 cents.
Economic reports affecting market trading included the following:
The MBA Mortgage Applications Index increased 0.3%. The MBA's average 30-year mortgage rate increased to 3.43% from 3.40%.
The Producer Price Index (PPI) decreased 1.3% in April. Year over year, the PPI is down 1.2%.
The Core PPI excluding food and energy decreased 0.3% in April. Year over year, the Core PPI increased 0.6%.
The EIA's Weekly Petroleum Status report showed crude oil inventory down 0.745 million barrels.
The Treasury held an auction for 30-year bonds at a rate of 1.342%.
In the S&P 500, energy and financials led losses. In the S&P 100, the following stocks led losses and gains:
Halliburton (NYSE:HAL) -9.29%
Occidental Petroleum (NYSE:OXY) -7.99%
U.S. Bancorp (NYSE:USB) -7.88%
Wells Fargo (NYSE:WFC) -7.34%
Schlumberger (NYSE:SLB) -7.32%
Capital One (NYSE:COF) -7.3%
American Express (NYSE:AXP) -6.68%
BlackRock (NYSE:BLK) +6.68%
PayPal (NASDAQ:PYPL) +1.17%
Netflix (NASDAQ:NFLX) +1.06%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,234.53 for a loss of 41.00 points or -3.21%. The S&P 600 closed at 700.59 for a loss of 28.15 points or -3.86%. The Dow Jones U.S. Small-Cap Growth Index closed at 8,575.93 for a loss of 270.70 points or -3.06%. The Dow Jones U.S. Small-Cap Value Index closed at 5,769.10 for a loss of 268.23 points or -4.44%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,550.70 for a loss of 54.10 points or -3.37%; the S&P 100 at 1,302.87 for a loss of 20.00 points or -1.51%; the Nasdaq 100 at 9,000.08 for a loss of 112.37 points or -1.23%; the Russell 3000 at 1,630.37 for a loss of 32.44 points or -1.95%; the Russell 1000 at 1,552.57 for a loss of 29.55 points or -1.87%; the Wilshire 5000 at 28,501.00 for a loss of 556.85 points or -1.92%; and the Dow Jones U.S. Select Dividend Index at 533.33 for a loss of 14.88 points or -2.71%.
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This article first appeared on GuruFocus.
