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Julie Young
Julie Young
Articles (1524) 

US Indexes Close Lower Wednesday

S&P 500 down -0.22%

The Dow Jones Industrial Average closed at 28,210.82 on Wednesday with a loss of 97.97 points or -0.35%. The S&P 500 closed at 3,435.56 for a loss of 7.56 points or -0.22%. The Nasdaq Composite closed at 11,484.69 for a loss of 31.80 points or -0.28%. The VIX Volatility Index was lower at 28.65 for a loss of 0.70 points or -2.39%.

Wednesday's Market Movers

U.S. indexes ended lower Wednesday as investors watched for progress on stimulus talks. Several companies announced developments in digital payments:

  • JPMorgan (NYSE:JPM) is launching QuickAccept to facilitate small business payments
  • Visa (NYSE:V) has announced a Tap to Phone service that simplifies small business payments
  • PayPal (NASDAQ:PYPL) is launching a crypto service

On the earnings calendar:

  • Verizon (NYSE:VZ): Revenue of $31.5 billion decreased -4.1% year over year and missed estimates by $100 million. Q3 GAAP EPS of $1.05 missed estimates by $0.16 and non-GAAP EPS of $1.25 beat estimates by $0.03.
  • Tesla (NASDAQ:TSLA): Revenue of $8.77 billion increased 39.2% year over year and beat estimates by $460 million. Q3 GAAP EPS of $0.27 missed estimates by $0.16 and non-GAAP EPS of $0.76 beat estimates by $0.16.

In other news:

  • The MBA Mortgage Applications Index decreased -0.6% following a decrease of -0.7% The MBA's average 30-year mortgage rate increased to 3.02% from 3.00%.
  • Crude oil inventory decreased by 1.8 million barrels, according to the EIA's Weekly Petroleum Status Report.
  • The Treasury held auctions for 105-day bills at a rate of 0.100%, 154-day bills at a rate of 0.115% and 20-year bonds at a rate of 1.370%.
  • The Fed's Beige Book was released. It showed "slight to moderate" economic growth, uneven recovery data and good results for the housing market.

Across the board, the following led losses and gains:

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 1,603.78 for a loss of 13.93 points or -0.86%. The S&P 600 closed at 915.07 for a loss of 4.18 points or -0.45%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,277.13 for a loss of 143.68 points or -1.26%. The Dow Jones U.S. Small-Cap Value Index closed at 7,304.43 for a loss of 14.50 points or -0.20%.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,970.13 for a loss of 14.13 points or -0.71%; the S&P 100 at 1,587.19 for a loss of 3.00 points or -0.19%; the Nasdaq 100 at 11,665.36 for a loss of 12.47 points or -0.11%; the Russell 3000 at 2,020.36 for a loss of 6.90 points or -0.34%; the Russell 1000 at 1,918.29 for a loss of 5.93 points or -0.31%; the Wilshire 5000 at 35,250.08 for a loss of 110.11 points or -0.31%; and the Dow Jones US Select Dividend Index at 613.89 for a loss of 1.56 points or -0.25%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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