It was another wild ride for U.S. equities on Wednesday as the Dow Jones Industrial Average clawed back from a loss of about 350 points, finishing the session down 205.99. Stocks trimmed losses after UK Prime Minister Theresa May won cabinet backing for her Brexit plan. However it was not enough to stem the continued selling in tech and financials.
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|I:DJI||DOW JONES AVERAGES||26559.54||+110.00||+0.42%|
|I:COMP||NASDAQ COMPOSITE INDEX||7998.060649||+1.98||+0.02%|
Apple shares, nearing a bear market, fell nearly 3 percent, dragging the Nasdaq Composite down 64.48 points or nearly 1 percent. As for the broader S&P, financials such as JPMorgan and Goldman Sachs dipped, after Rep. Maxine Waters [D-CA] said she would likely end President Trump’s rollback of regulations for financial institutions as she prepares to become Chair of the House Financial Services Committee following the midterm election swing which left Democrats in control of the house.
|JPM||JP MORGAN CHASE & CO.||113.46||-0.84||-0.73%|
|GS||GOLDMAN SACHS GROUP INC.||205.91||-1.99||-0.96%|
|GE||GENERAL ELECTRIC COMPANY||9.35||+0.23||+2.52%|
General Electric tumbled another 3 percent as investors weighed an offering of Baker Hughes, which is majority owned by GE. Concerns continue to mount over the industrial company’s debt levels and the urgency to sell assets.
Another notable stock, PG&E fell the most in 16 years after disclosing in an SEC filing that it may not have enough insurance to cover potential liabilities tied to the California’s deadliest wildfires in history.
|PCG||PG & E CORP.||21.00||-0.85||-3.89%|
"While the cause of the Camp Fire is still under investigation, if the Utility’s equipment is determined to be the cause, the Utility could be subject to significant liability in excess of insurance coverage that would be expected to have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows," the company disclosed in an SEC filing on Wednesday.
On the earnings front, Macy’s said its sales and profit, as well as same-store sales, surged in the third quarter on both strong digital revenue and improved brick-and-mortar performance.
The company, which also boosted its earnings per share (EPS) outlook by 15 cents, reported net sales of $5.4 billion, up from $5.28 billion in the year-earlier quarter, and EPS of 27 cents, up from 21 cents. Still, the stock lost ground.
In terms of economic data, October’s consumer price data rose 0.3 percent the biggest jump in nine-months.
In commodities, oil stabilized with WTI crude settling around the $55 per barrel level.
Stocks ended mixed following a volatile session on Tuesday. The S&P 500 and Nasdaq were little changed, while the Dow Jones Industrial Average fell 100 points or 0.4 percent, as companies including United Health and Exxon Mobil weighed on the average, while 3M and American Express saw modest gains. Investors honed in on some positive comments on U.S.-China talks, according to top White House Economic Advisor Larry Kudlow.
FOX Business' Ken Martin contributed to this report.