US close: Markets finish lower as sentiment sours
By Josh White
Date: Wednesday 14 Nov 2018
(Sharecast News) - Wall Street swung into negative territory by the close on Wednesday, as investors thumbed over the latest reading on inflation and earnings from the likes of Macy's and Blue Apron.
The Dow Jones Industrial Average ended the session down 0.81% at 25,080.50, the S&P 500 lost 0.76% to 2,701.58, and the Nasdaq 100 was 0.89% lower at 6,789.87.
A sharp fall in oil prices in the previous session led to a heightened focus on consumer prices, which came in line with expectations.
"Wall Street may have rallied hard in the wake of last night's close, but the market is finding no success in sustaining this upside with fears over the collapsing oil price once again being seen as key in driving sentiment," said James Hughes, chief market analyst at AxiTrader.
"There are wider problems afoot, however - last night's US budget deficit grew even wider than had been expected, Japanese GDP missed expectations, interest rates are expected to continue rising and Europe faces a series of key political tests that could have a damaging impact on investment and in turn consumption."
The dollar gained against the pound earlier in the session as investors were also looking across the pond after UK Prime Minister Theresa May called a Cabinet meeting to try and secure ministerial support for a draft Brexit deal she has agreed with the EU.
It's understood the deal included plans for a solution to a hard border in Ireland by introducing a UK-wide customs backstop plan which would keep Britain in a customs union with the EU until a more permanent solution is agreed.
On the data front, inflation in the US accelerated as expected last month, pushed higher by increased energy costs, but underlying price pressures were more modest than economists had anticipated.
According to the Bureau of Labor Statistics, consumer prices increased at a 0.3% month-on-month pace in the US during the month of October, pushing the annual rate of increase up to 2.5%.
Those increases were exactly as economists had anticipated.
September's CPI had risen by 2.3% on the year, while versus September, energy prices jumped by 2.4%.
In corporate news, Snapchat parent Snap was down 3.43% after it said regulators were investigating allegations that it did not make proper disclosures to investors related to its IPO.
"While we do not have complete visibility into these investigations, our understanding is that the [Department of Justice] is likely focused on IPO disclosures relating to competition from Instagram," a Snap spokesman said in a statement.
Elsewhere, Macy's shares reversed earlier gains to end the day down 7.18% after the retailer raised its full-year forecasts after its third-quarter earnings beat estimates.
Blue Apron shares slid 4.1% after announcing its intention to cut its workforce by 4%.
Dow Jones - Risers
Dowdupont Inc. (DWDP) $57.98 0.89%
Home Depot Inc. (HD) $179.92 0.50%
Verizon Communications Inc. (VZ) $58.96 0.48%
Chevron Corp. (CVX) $115.72 0.32%
Walt Disney Co. (DIS) $117.12 0.23%
Procter & Gamble Co. (PG) $93.49 0.02%
Nike Inc. (NKE) $75.20 0.00%
American Express Co. (AXP) $107.77 -0.08%
McDonald's Corp. (MCD) $183.85 -0.09%
3M Co. (MMM) $198.06 -0.16%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $123.04 -2.97%
Apple Inc. (AAPL) $186.80 -2.82%
JP Morgan Chase & Co. (JPM) $107.33 -2.06%
Microsoft Corp. (MSFT) $104.97 -1.84%
Cisco Systems Inc. (CSCO) $44.33 -1.75%
Unitedhealth Group Inc. (UNH) $264.96 -1.58%
Pfizer Inc. (PFE) $42.91 -1.40%
Boeing Co. (BA) $344.72 -1.37%
Walmart Inc. (WMT) $101.59 -1.37%
Goldman Sachs Group Inc. (GS) $202.49 -1.25%
S&P 500 - Risers
Owens-Illinois Inc. (OI) $17.50 4.42%
Diamond Offshore Drilling Inc. (DO) $13.41 4.11%
Murphy Oil Corp. (MUR) $31.04 3.95%
Borg Warner Inc. (BWA) $39.18 3.51%
Pitney Bowes Inc. (PBI) $8.19 3.28%
Newmont Mining Corp. (NEM) $32.40 3.15%
Chesapeake Energy Corp. (CHK) $3.67 3.09%
Patterson Companies Inc. (PDCO) $25.30 2.80%
Freeport-McMoRan Inc (FCX) $11.54 2.58%
Apache Corp. (APA) $36.12 2.50%
S&P 500 - Fallers
PG&E Corp. (PCG) $25.59 -21.79%
Progressive Corp. (PGR) $64.80 -9.48%
CF Industries Holdings Inc. (CF) $45.03 -9.10%
ConAgra Brands Inc (CAG) $32.64 -7.25%
Macy's Inc. (M) $33.22 -7.18%
GameStop Corp. (GME) $12.96 -6.63%
EQT Corp. (EQT) $17.48 -5.82%
Kohls Corp. (KSS) $75.80 -5.43%
Frontier Communications Co. (FTR) $3.72 -4.86%
Newfield Exploration Co (NFX) $19.46 -4.65%
Nasdaq 100 - Risers
Ctrip.Com International Ltd. Ads (CTRP) $26.32 4.16%
Mercadolibre Inc. (MELI) $336.86 2.72%
NetEase Inc. Ads (NTES) $219.71 2.58%
Liberty Global plc Series C (LBTYK) $23.80 2.54%
Liberty Global plc Series A (LBTYA) $24.27 2.45%
Symantec Corp. (SYMC) $22.36 2.33%
Fastenal Co. (FAST) $55.86 2.10%
JD.com, Inc. (JD) $22.76 1.65%
Microchip Technology Inc. (MCHP) $72.02 1.64%
Sirius XM Holdings Inc (SIRI) $6.25 1.63%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $34.23 -4.28%
Vertex Pharmaceuticals Inc. (VRTX) $164.58 -3.36%
Cognizant Technology Solutions Corp. (CTSH) $67.57 -2.93%
Apple Inc. (AAPL) $186.80 -2.82%
Netflix Inc. (NFLX) $286.73 -2.61%
Ross Stores Inc. (ROST) $97.90 -2.34%
Monster Beverage Corp (MNST) $54.49 -2.31%
Alexion Pharmaceuticals Inc. (ALXN) $116.11 -2.03%
Workday, Inc. (WDAY) $132.39 -1.98%
Amazon.Com Inc. (AMZN) $1,599.01 -1.97%
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