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Julie Young
Julie Young
Articles (1560) 

US Indexes End Lower Wednesday

Nasdaq down -0.82%

The Dow Jones Industrial Average closed at 29,438.42 on Wednesday with a loss of 344.93 points or -1.16%. The S&P 500 closed at 3,567.79 for a loss of 41.74 points or -1.16%. The Nasdaq Composite closed at 11,801.60 for a loss of 97.74 points or -0.82%. The VIX Volatility Index was higher at 23.84 for a gain of 1.13 points or 4.98%.

Wednesday's Market Movers

The major U.S. indexes ended lower again Wednesday with a mix of Coronavirus headlines. Pfizer (NYSE:PFE) released more data on its Covid-19 vaccine, reporting 95% effectiveness.

On the earnings calendar:

  • Lowe's (NYSE:LOW): Revenue of $22.31 billion increased 28.3% year over year and beat estimates by $1.31 billion. Q3 GAAP EPS of $0.91 missed estimates by $1.04 and non-GAAP EPS of $1.98 beat estimates by $0.02.
  • Target (NYSE:TGT): Revenue of $22.63 billion increased 21.2% year over year and beat estimates by $1.89 billion. Q3 GAAP EPS of $2.01 beat estimates by $0.50 and non-GAAP EPS of $2.79 beat estimates by $1.18.
  • Nvidia (NASDAQ:NVDA): Revenue of $4.73 billion increased 57.1% year over year and beat estimates by $310 million. Q3 GAAP EPS of $2.12 beat estimates by $0.43 and non-GAAP EPS of $2.91 beat estimates by $0.36.

In other news:

  • Alphabet's (GOOG)(GOOGL) Google will partner with Citigroup's (C) Citibank for checking accounts.
  • Boeing's (BA) 737 Max has been approved to fly again by the U.S. FAA.
  • The MBA Mortgage Applications Index decreased -0.3%. The MBA's average 30-year mortgage rate increased to 2.99% from 2.98%.
  • The New Residential Construction report was released. Building permits were unchanged in October and reported a seasonally adjusted annual rate of 1.545 million. Housing starts increased 4.9% in October to a seasonally adjusted annual rate of 1.53 million.
  • Crude oil inventory increased by 0.4 million barrels, according to the EIA's Weekly Petroleum Status report.
  • The Treasury held auctions for 105-day bills at a rate of 0.090%, 154-day bills at a rate of 0.090% and 20-year bonds at a rate of 1.422%.

Across the board:

  • All major sectors were lower, led by losses from energy
  • Tesla (NASDAQ:TSLA) +10.20%
  • Lowe`s (NYSE:LOW) -8.21%
  • Target (NYSE:TGT) +2.34%

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 1,769.32 for a loss of 22.60 points or -1.26%. The S&P 600 closed at 1,015.33 for a loss of 13.24 points or -1.29%. The Dow Jones U.S. Small-Cap Growth Index closed at 12,197.38 for a loss of 125.34 points or -1.02%. The Dow Jones U.S. Small-Cap Value Index closed at 8,281.48 for a loss of 116.06 points or -1.38%.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,131.45 for a loss of 28.18 points or -1.30%; the S&P 100 at 1,634.16 for a loss of 19.29 points or -1.17%; the Nasdaq 100 at 11,894.71 for a loss of 82.78 points or -0.69%; the Russell 3000 at 2,111.05 for a loss of 22.05 points or -1.03%; the Russell 1000 at 1,997.49 for a loss of 20.56 points or -1.02%; the Wilshire 5000 at 36,888.43 for a loss of 390.44 points or -1.05%; and the Dow Jones US Select Dividend Index at 661.74 for a loss of 9.44 points or -1.41%.

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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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