U.S. stocks turned lower toward the end of trading, with the Dow Jones index dipping more than 200 points on Wednesday.
The Dow traded down 0.55% to 38,784.80 while the NASDAQ fell 0.67% to 16,257.11. The S&P 500 also fell, dropping, 0.45% to 5,216.41.
Leading and Lagging Sectors
Energy shares climbed by 1.7% on Wednesday.
In trading on Wednesday, health care shares fell by 0.6%.
Top Headline
CVS Health Corp (NYSE:CVS) shares fell over 1% on Wednesday fell after the company reported mixed second-quarter earnings and cut annual profit guidance.
The company reported second-quarter sales of $91.23 billion, missing the consensus of $91.51 billion. Adjusted EPS of $1.83 decreased from $2.21 in the prior year, beating the consensus of $1.73.
CVS Health revised its adjusted EPS guidance to $6.40-$6.65 from at least $7.00 versus consensus of $6.98. CVS Health also revised its full-year 2024 cash flow from operations guidance to approximately $9.0 billion from at least $10.5 billion.
Equities Trading UP
- Upstart Holdings, Inc. (NASDAQ:UPST) shares shot up 48% to $35.26 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.
- Shares of G1 Therapeutics, Inc. (NASDAQ:GTHX) got a boost, surging 66% to $7.05 after the company announced it will be acquired by Pharmacosmos Group in an all-cash transaction valued at $405 million.
- PetIQ, Inc. (NASDAQ:PETQ) shares were also up, gaining 48% to $30.41 after the company reported better-than-expected second-quarter adjusted earnings results.
Equities Trading DOWN
- Stem, Inc. (NYSE:STEM) shares dropped 42% to $0.5791 after the company reported mixed second-quarter financial results.
- Shares of Expion360 Inc. (NASDAQ:XPON) were down 69% to $0.0810 after the company reported the pricing of $10 million underwritten public offering.
- Talis Biomedical Corporation (NASDAQ:TLIS) was down, falling 49% to $4.63. The company announced board restructuring, appointed new directors and updated investors on potential bankruptcy proceedings.
Commodities
In commodity news, oil traded up 2.7% to $75.18 while gold traded up 0.1% at $2,433.40.
Silver traded down 1.2% to $26.88 on Wednesday, while copper fell 2.1% to $3.9440.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 1.54%, Germany's DAX rose 1.50% and France's CAC 40 climbed 1.91%. Spain's IBEX 35 Index gained 2.01%, while London's FTSE 100 rose 1.75%.
Asia Pacific Markets
Asian markets closed higher on Wednesday, with Japan's Nikkei 225 jumping 1.19%, Hong Kong's Hang Seng Index gaining 1.38%, China's Shanghai Composite Index rising 0.09% and S&P BSE Sensex jumping 1.11%.
Economics
- The Manheim Used Vehicle Value Index rose 2.8% month-over-month for July.
- Mortgage applications rose by 6.9% from the prior week in the period ending August 2.
- The EIA said crude oil inventories in the U.S. declined by 3.728 million barrels in the week ended Aug. 2, compared to market estimates of a 0.4 million-barrel decline.
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