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Julie Young
Julie Young
Articles (1140) 

US Market Indexes Close Lower Wednesday

Energy stocks fall. Investors skeptical of earnings from Caterpillar and Boeing

The Dow Jones Industrial Average closed at 26,597.05 on Wednesday with a loss of 59.34 points or -0.22%. The S&P 500 closed at 2,927.25 for a loss of 6.43 points or -0.22%. The Nasdaq Composite closed at 8,102.01 for a loss of 18.81 points or -0.23%. The VIX Volatility Index was higher at 13.05 for a gain of 0.77 points or 6.27%.

Wednesday’s market movers

Stocks closed lower Wednesday as investors watched earnings from Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) with some skepticism. Caterpillar beat revenue estimates by $140 million and earnings per share estimates by 8 cents, but investors were concerned over revenue growth. Boeing missed revenue estimates by $140 million and missed earnings per share estimates by 3 cents. Investors continue to remain concerned over the 737 Max. Other notable earnings for the day included AT&T (NYSE:T), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT), Verizon (NYSE:V), PayPal (NASDAQ:PYPL) and Tesla (NASDAQ:TSLA).

In commodities, oil prices were also lower after the International Energy Agency released a report showing slightly greater supply estimated than the market has been pricing in. Energy stocks led losses for the day in the S&P 500 with the sector down 1.74%.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index decreased by 7.3% and the MBA’s 30-year mortgage rate average was reported at 4.46%.
  • Oil inventories increased by 5.479 million barrels in the Energy Information Administration’s weekly report.
  • The Treasury held an auction for five-year notes at a rate of 2.315%.

In the Dow Jones Industrial Average, the following stocks led losses:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,588.13 for a gain of 3.04 points or 0.19%. The S&P 600 closed at 973.85 for a gain of 2.23 points or 0.23%. The Dow Jones Small-Cap Growth TSM Index closed at 10,108.48 for a gain of 18.90 points or 0.19%. The Dow Jones Small-Cap Value TSM Index closed at 9,781.57 for a gain of 24.78 points or 0.25%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,977.67 for a gain of 6.83 points or 0.35%; the S&P 100 at 1,297.02 for a loss of 4.54 points or -0.35%; the Russell 3000 at 1,725.52 for a loss of 2.91 points or -0.17%; the Russell 1000 at 1,621.91 for a loss of 3.17 points or -0.20%; the Wilshire 5000 at 30,247.30 for a loss of 53.41 points or -0.18%; and the Dow Jones U.S. Select Dividend Index at 717.97 for a loss of 2.06 points or -0.29%.

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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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