Close Update: Stocks Flat as Banking and Tech Stocks Offset Heavy Losses in Energy Shares

Shutterstock photo

Wall Street's major averages were wedged into narrow ranges on Wednesday, ending the session mixed as heavy losses in the energy sector were matched by gains for financial and technology stocks. Weighed down by Disney ( DIS ), the Dow Jones Industrial Average closed lower for the first time in four days, while the Nasdaq pulled off its seventh consecutive higher close, albeit with a very narrow gain of 0.06%.

Stocks were on the defensive early Wednesday when China retaliated against recent US sanctions with a 25% duty on $16 billion worth of US goods including large passenger cars and motorcycles.

Missed quarterly results from Disney also contributed to the negative price action for the Dow. The media giant reported third-quarter adjusted earnings of $1.87 per share, up from $1.58 per share last year but below the analyst consensus of $1.95 per share. Revenue was $15.2 billion, up from $14.2 billion in the year ago quarter but shy of expectations of $15.3 billion.

Tesla ( TSLA ) CEO Elon Musk's "going private" tweet Tuesday continued to reverberate Wednesday as investors weighed the $71 billion cost to take the company private. Additionally, analysts warned that the US Committee on Foreign Investment would likely block a foreign entity owning a controlling stake in a US manufacturer. Shares drifted further after the US Securities and Exchange Committee launched an investigation into the validity of Musk's tweet.

The economic data picks up again on Thursday with the release of the weekly jobless claims data, the July producer price index and June wholesale inventory and sales. Additionally, the Treasury completes its monthly refunding with the auction of 30-year bonds.


Dow Jones Industrial Index was down 45.16 points (-0.18%)

S&P 500 was down 0.73 points (-0.03%)

Nasdaq Composite Index was up 4.66 points (+0.06%)


FTSE 100 was up 0.75%

Nikkei 225 was down 0.08%

Hang Seng Index was up 0.39%

Shanghai China Composite Index was down 1.23%


(+) DDD (+32.35%) Reported better-than-expected Q2 earnings

(+) SBBP (+31.11%) Narrows Q2 loss, revenue rises YoY

(+) ATAI (+28.04%) Declared special dividend of $6.00

(+) MTCH (+17.28%) Tops Q2 estimates


(-) RSLS (-79.31%) Files blank shelf registration statement

(-) AMPE (-78.71%) FDA said trial for AP-003-C was not adequate

(-) EXTR (-32.03%) Posted downbeat Q4 sales and issued soft Q1 guidance

(-) TWNK (-17.61%) Missed EPS estimates

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.