After lagging for much of the trading day, the Dow Jones Industrial Average finished with a small win on Wednesday. Other major indexes remained in the red in a session where investors saw division amongst monetary policymakers in the minutes of the Federal Reserve's July meeting. Several retail stocks moved on earnings, while Palantir Technologies managed to retake a key level on the stock market today after falling more than 15%. Meanwhile, investors awaited a speech from Fed Chairman Jerome Powell.
The Dow closed up less than 0.1%, finding strength from Travelers and Walmart. The Nasdaq composite finished down 0.7% as investors continued to back away from technology stocks, but the index pared a heavier loss. The tech-dominated index fell below its 21-day moving average and fell short of reclaiming that key level.
The S&P 500 declined 0.2% but held its 21-day moving average on Wednesday. Among the S&P 500 sectors, growth stocks lagged, with consumer discretionary, technology, and communication services declining 0.6% or more. Energy and consumer staples gained.
The small-cap Russell 2000 index trimmed its loss to 0.3%.
Volume was higher on the New York Stock Exchange but lower on the Nasdaq, compared with the same time on Tuesday. Breadth was mixed with decliners matching advancers on the NYSE. The ratio was less than 6-to-5 on the Nasdaq.
The yield on the benchmark 10-year Treasury note was unchanged at 4.29%. In commodities, West Texas Intermediate oil futures rose to $62.90 a barrel.
3:47 p.m. ET
Stock Market Today: Palantir Tries To Recover
Palantir plunged nearly 10% at one point during Wednesday's trades, pushing the stock below both its 50-day and 10-week moving averages. But shares of the artificial intelligence software maker moved back above those thresholds and came near session highs as the closing bell approached. Shares were on track to close at session highs though they were still lower than Tuesday's closing price.
Palantir shares dropped as low as 142.34 in intraday trades Wednesday, putting the stock nearly 24% below a closing high of 186.97, reached on Aug. 12. Since that date, the stock has embarked on what could well be a six-session losing streak by Wednesday's close.
Meanwhile, Fed chair Powell is due to deliver his annual speech at Jackson Hole, Wyo., on Friday. Traders are hoping for direction on interest rates at the gathering.
Futures: Growth Stocks Bounce, But Look At This; Walmart On Tap
2:47 p.m. ET
Fed: Tariff Effects 'Becoming More Apparent'
Minutes of the Fed's July 30 meeting revealed that the committee felt disinflation had stalled and "tariff effects were becoming more apparent in the data."
Participants expected inflation to rise in the near term and felt that uncertainty in economic outlook remained "elevated." They also expressed fears of longer-term inflation expectations becoming unanchored as tariffs make their effects felt through the economy.
The Fed kept rates unchanged in July. Governors Michelle Bowman and Christopher Waller voted against keeping rates unchanged and said they preferred a rate cut.
1:34 p.m. ET
Magnificent Seven Lag; Target Weighs On S&P 500
Among Dow components, Travelers, McDonald's and Walmart gained. But all four Magnificent Seven players on the blue-chip index were in the red – Amazon and Microsoft tested their 50-day moving average, while Nvidia and Apple fell more than 1% each.
In the S&P 500, Analog Devices took the lead with a gain of more than 4% while Target weighed on the benchmark index with a loss of nearly 7%. The retailer triggered a sell rule by falling below its 50-day moving average in heavy volume and remained around 60% below its all-time high of 268.98.
The Nasdaq saw losses from Intel, Micron and DoorDash.
Palantir trimmed its early losses and managed to stay above its 50-day moving average. But the stock was down 3% in recent trades.
12:03 p.m. ET
Stock Market Today: Alcon Triggers Sell Signal
In stocks, Alcon plunged below its 50-day moving average and triggered a sell signal Wednesday. The eye-care products maker expects tariffs to make a dent of around $100 million on sales for the full year, raising its estimate from $80 million. It lowered its 2025 sales guidance to a range of $10.3 billion to $10.4 billion. It previously forecast $10.4 billion to $10.5 billion.
Sociedad Quimica pulled back into a buy zone above a buy point of 42.31. The lithium producer said earnings in its June-ended quarter fell 59% to 31 cents per share and sales fell 19% to $1 billion.
10:50 a.m. ET
Retail Earnings: TJX Breaks Out
Lowe's shares rose after the building products retailer raised its full-year midpoint sales outlook to $85 billion from $84 billion. Second-quarter earnings of $4.33 per share on sales of $23.96 billion beat expectations. Shares jumped within a cup base that has a buy point of 287.01. The relative strength line is rising as shares head higher in the base.
Lowe's also said it's acquiring Foundation Building Materials, an interior building products maker, for $8.8 billion in cash.
Also in retail, TJX broke out of a cup base at a buy point of 135.85. Earnings of $1.10 per share topped views of $1.01 while sales of $14.4 billion beat estimates of $14.1 billion. Shares hit an all-time high on Wednesday.
Reclining chairs maker La-Z-Boy plummeted. Fiscal first-quarter earnings of 47 cents per share declined 24% from a year earlier, missing expectations. Sales fell 1% to $492.2 million.
Meanwhile, apparel company Guess has agreed to a $1.4 billion takeover deal by privately held Authentic Brands, Bloomberg reported. Guess shares soared by more than 25%.
Outside of retailers, Analog Devices rebounded from its 50-day moving average after the chip company's third-quarter report. Earnings of $2.05 per share beat estimates of $1.95 while revenue increased to $2.9 billion. Wall Street estimates had called for $2.8 billion. Shares are in a flat base with a buy point of 247.72.
For the current quarter, Analog Devices expects earnings of $2.22 per share on $3 billion in revenue at the midpoint. Both are above targets of $2.03 in earnings per share on sales of $2.8 billion.
9:45 a.m. ET
Nasdaq 100 Winners, Losers: Analog Devices, Intel, Micron
Among the Nasdaq 100 stocks, Analog Devices and Palo Alto Networks rallied 3.7% and 1.6%, respectively, making them some of the best performers at the market open.
On the downside, Intel and Micron Technology tumbled 4.1% and 3.6%, respectively.
8:50 a.m. ET
Dow Jones Movers: Amazon, Apple, Walmart
Inside the Dow, blue chips Amazon.com, Apple and Walmart all moved lower in early morning trading Wednesday.
Amazon shares lost 0.6%, on pace to add to Tuesday's 1.5% decline. Apple stock declined 0.5%, threatening to extend a losing streak to five sessions. And Walmart declined 0.5%, dipping just below a 100.89 flat-base entry.
8:19 a.m. ET
Stock Market Today: Palantir Stock Extends Losses
Shares of Palantir sold off another 3% Wednesday morning, threatening to extend their losing streak to six sessions.
On Tuesday, Palantir stock plunged more than 9%, closing at its lowest level since Aug. 1. Shares are back at their 10-week moving average, a key area to watch.
Earnings Movers: Target Plunges
Target dropped 11% even after the company reported better-than-expected earnings results for the second quarter. The company also reiterated its prior adjusted earnings forecast of $7 to $9 a share. The consensus target is $7.34.
The company also announced that the board had elected Chief Operating Officer Michael Fiddelke as the company's next chief executive. Current CEO Brian Cornell will shift to the role of chairman. Both appointments are to take effect Feb. 1.
Other earnings movers included Baidu, Dycom, Lowe's, TJX and Toll Brothers.
Baidu stock slipped nearly 1%, while Lowe's stock jumped more than 3%. Dycom shares plunged nearly 11%, as TJX surged more than 4%. Finally, Toll Brothers slumped 1.6% in premarket action.
Stock Market Today: Fed Minutes
The minutes from the Federal Reserve's latest policy meeting are due at 2 p.m. ET. The Fed minutes are expected to provide insight into the Federal Reserve's thinking on future interest rates.
The odds of a Sept. 17 rate cut are around 83%, but that's down from a virtual lock before some hot inflation and economic data in recent weeks. Investors are betting on at least one other cut by year's end, with a decent chance of a third.
Meanwhile, Fed Chair Jerome Powell's annual Jackson Hole speech is set for Friday morning. Powell has used that event to signal key policy changes in prior years. Markets will be looking to see if Powell confirms market expectations of Fed rate cuts.
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