The Dow Jones Industrial Average closed at 23,664.64 on Wednesday with a loss of 218.45 points or -0.91%. The S&P 500 closed at 2,848.42 for a loss of 20.02 points or -0.70%. The Nasdaq Composite closed at 8,854.39 for a gain of 45.27 points or 0.51%. The VIX Volatility Index was higher at 33.98 for a gain of 0.37 points or 1.10%.
Wednesday’s market movers
Stocks closed mostly lower with the ADP private sector employment report showing a decrease in payrolls of 20.236 million in April. Coronavirus cases increased to over 1,220,200. Meanwhile, states continued reopening plans. President Trump said the coronavirus task force would transition to a focus on reopening plans and support.
On the earnings calendar:
- Square (SQ): Revenue of $1.38 billion increased 43.9% year over year and beat estimates by $80 million. A first-quarter GAAP loss of 24 cents missed estimates by 18 cents and a non-GAAP loss of 2 cents missed estimates by 15 cents.
- PayPal (PYPL): Revenue of $4.62 billion increased 11.9% year over year and missed estimate by $100 million. First-quarter GAAP earnings of 7 cents per share missed estimates by 28 cents and non-GAAP EPS of 66 cents missed estimates by 8 cents.
- Lyft (LYFT): Revenue of $955.71 million increased 23.2% year over year and beat estimates by $125.53 million. A first-quarter GAAP earnings loss of $1.31 beat estimates by 5 cents.
- Peloton (PTON): Revenue of $524.6 million increased 65.6% year over year and beat estimates by $33.52 million. A third-quarter GAAP loss of 20 cents per share missed estimates by 1 cent.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index increased 0.1%. The MBA’s average 30-year mortgage rate decreased to 3.4% from 3.43%.
- ADP’s private sector employment report showed a decrease of 20.236 million payrolls in April following a decrease of 149,000 in March. The April report was slightly better than the estimated loss of 20.800 million.
- The EIA’s Weekly Petroleum Status report showed crude oil stock inventory increasing by 4.59 million barrels, following an increase of 8.991 million in the previous week.
In the S&P 500, technology led gains and utilities led losses. In the Dow Jones Industrial Average, the following stocks led losses and gains:
- Dow Inc. (DOW, Financial) -4.14%
- Travelers (TRV, Financial) -3.38%
- American Express (AXP, Financial) -2.9%
- Boeing (BA, Financial) -2.9%
- Procter & Gamble (PG, Financial) -2.25%
- Walgreens (WBA, Financial) -2.11%
- Chevron (CVX, Financial) -2.08%
- Nike (NKE, Financial) +1.48%
- Apple (AAPL, Financial) +1.33%
- Microsoft (MSFT, Financial) +0.96%
- Intel (INTC, Financial) +0.86%
- IBM (IBM, Financial) +0.42%
- Pfizer (PFE) +0.31%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,264.57 for a loss of 8.94 points or -0.70%. The S&P 600 closed at 729.41 for a loss of 9.30 points or -1.26%. The Dow Jones U.S. Small-Cap Growth Index closed at 8,688.36 for a loss of 5.02 points or -0.06%. The Dow Jones U.S. Small-Cap Value Index closed at 6,108.80 for a loss of 164.11 points or -2.62%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,593.77 for a loss of 13.34 points or -0.83%; the S&P 100 at 1,313.03 for a loss of 5.66 points or -0.43%; the Nasdaq 100 at 8,984.86 for a gain of 54.24 points or 0.61%; the Russell 3000 at 1,647.92 for a loss of 10.69 points or -0.64%; the Russell 1000 at 1,568.03 for a loss of 9.99 points or -0.63%; the Wilshire 5000 at 28,810.94 for a loss of 185.20 points or -0.64%; and the Dow Jones U.S. Select Dividend Index at 544.63 for a loss of 13.16 points or -2.36%.
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