The Dow Jones Industrial Average closed at 27,692.88 on Wednesday with a loss of 85.19 points or -0.31%. The S&P 500 closed at 3,374.85 for a loss of 14.93 points or -0.44%. The Nasdaq Composite closed at 11,146.46 for a loss of 64.38 points or -0.57%. The VIX Volatility Index was higher at 22.54 for a gain of 1.03 points or 4.79%.
Wednesday's Market Movers
U.S. indexes ended lower Wednesday after a morning rally. Investors were hoping for another new high for the S&P 500. However, stocks fell in afternoon trading after the Federal Open Market Committee's release of the minutes from its most recent meeting. The minutes showed lower projections for economic growth through the remainder of the year.
Stock highlights for the day included the following:
- Apple's (AAPL, Financial) market cap increased to over $2 trillion.
- Lowe's (LOW, Financial): Revenue of $27.3 billion increased 30.1% year over year and beat estimates by $3.06 billion. Q2 GAAP EPS of $3.74 beat estimates by $1.06 and non-GAAP EPS of $3.75 beat estimates by $0.80.
- Target (TGT, Financial): Revenue of $22.98 billion increased 24.8% year over year and beat estimates by $2.87 billion. Q2 GAAP EPS of $3.35 beat estimates by $1.81 and non-GAAP EPS of $3.38 beat estimates by $1.74. TGT gained 12.7%.
- NVIDIA (NVDA): Revenue of $3.87 billion increased 50.0% year over year and beat estimates by $210 million. Q2 GAAP EPS of $0.99 missed estimates by $0.02 and non-GAAP EPS of $2.18 beat estimates by $0.21.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index decreased -3.3% following an increase of 6.8%. The MBA's average 30-year mortgage rate increased to 3.13% from 3.06%.
- Crude oil inventory was down 4.3 million barrels, according to the EIA's Weekly Petroleum Status Report.
- The Treasury held auctions for 154-day bills at a rate of 0.115%, 105-day bills at a rate of 0.105% and 20-year bonds at a rate of 1.185%.
Across sectors, real estate and energy led losses. Across the board, stocks leading gains and losses for the day included:
- Momenta Pharmaceuticals (MNTA, Financial) 69.17%
- Target Corporation (TGT, Financial) 12.7%
- TJX Companies (TJX, Financial) -5.38%
- Gilead Sciences (GILD, Financial) -4.87%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,572.07 for a gain of 2.29 points or 0.15%. The S&P 600 closed at 908.43 for a gain of 1.30 points or 0.14%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,941.39 for a gain of 2.91 points or 0.03%. The Dow Jones U.S. Small-Cap Value Index closed at 7,290.45 for a loss of 10.88 points or -0.15%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,927.96 for a loss of 8.02 points or -0.41%; the S&P 100 at 1,563.03 for a loss of 6.42 points or -0.41%; the Nasdaq 100 at 11,318.64 for a loss of 80.39 points or -0.71%; the Russell 3000 at 1,973.89 for a loss of 8.59 points or -0.43%; the Russell 1000 at 1,873.79 for a loss of 8.82 points or -0.47%; the Wilshire 5000 at 34,499.17 for a loss of 153.45 points or -0.44%; and the Dow Jones US Select Dividend Index at 603.76 for a loss of 0.35 points or -0.058%.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
