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Julie Young
Julie Young
Articles (1242) 

US Market Indexes Close Lower Wednesday

S&P 500 down 0.28% with political concerns

May 22, 2019 | About:

The Dow Jones Industrial Average closed at 25,776.61 on Wednesday with a loss of 100.72 points or -0.39%. The S&P 500 closed at 2,856.27 for a loss of 8.09 points or -0.28%. The Nasdaq Composite closed at 7,750.84 for a loss of 34.88 points or -0.45%. The VIX Volatility Index was lower at 14.77 for a loss of 0.18 points or 1.20%.

Wednesday's market movers

Stocks closed lower on Wednesday. Headlines reported that President Trump canceled discussions about infrastructure and said he would not work with Democrats if they continue with probing investigation requests. Losses in the S&P 500 were led by energy, industrials and consumer discretionary.

In retail, Lowe's (NYSE:LOW) and Target (NYSE:TGT) reported earnings. Lowe's was down 11.85% after missing earnings per share estimates by 11 cents but beating on revenue. Target gained 7.78% for the day after it posted earnings per share that beat estimates by 10 cents and revenue that beat by $140 million.

The Federal Open Market Committee released its April meeting minutes on Wednesday. The minutes affirmed that the FOMC is taking a more patient approach to monetary policy.

In Treasuries, prices gained across the yield curve. The 30-year bond reported the largest price increase, gaining 29/32 to a yield of 2.810%

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index increased 2.4% and the MBA's average 30-year mortgage rate decreased to 4.33%.
  • The Energy Information Administration's Petroleum Status Report showed an increase in oil inventory to 1,121.6 million barrels from 1118.0 million barrels.
  • The FOMC released its April meeting minutes.

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

Small-cap stocks

In small caps, the Russell 2000 closed at 1,531.63 for a loss of 13.62 points or -0.88%. The S&P 600 closed at 930.24 for a loss of 9.39 points or -1.00%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 9,748.97 for a loss of 80.30 points or -0.82%. The Dow Jones Small-Cap Value Total Stock Market Index closed at 9,431.20 for a loss of 88.22 points or -0.93%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,885.16 for a loss of 14.58 points or -0.77%; the S&P 100 at 1,264.15 for a loss of 3.60 points or -0.28%; the Russell 3000 at 1,681.55 for a loss of 6.03 points or -0.36%; the Russell 1000 at 1,581.82 for a loss of 5.04 points or -0.32%; the Wilshire 5000 at 29,344.07 for a loss of 106.66 points or -0.36%; and the Dow Jones U.S. Select Dividend Index at 696.11 for a loss of 4.87 points or -0.69%.

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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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