The Dow Jones Industrial Average pared its losses while other major stock indexes managed to end the day near session highs Wednesday despite concerns over consumer spending. A favorable antitrust ruling for Alphabet helped it lift the S&P 500 and Nasdaq, and aided Apple as it kept Dow losses to a minimum on the stock market today.
A number of economic reports were at play Wednesday, including July's jobs data that prompted calls for interest rate cuts. And the Federal Reserve's Beige Book raised concerns about consumer spending.
The Dow erased most of its early losses and ended the day marginally lower. The S&P 500 rose 0.5%. The tech-heavy Nasdaq composite advanced 1% amid more calls for interest rate cuts. Small caps on the Russell 2000 slipped 0.1%.
Volume on the New York Stock Exchange and on the Nasdaq was lower compared with the same time on Tuesday. Decliners outnumbered advancers on the Nasdaq by a slight margin whereas on the NYSE they lagged, also by a small margin.
The yield on the benchmark 10-year Treasury note fell to 4.21%. Crude oil also plunged, trading at $63.90 a barrel.
Fed's Beige Book Shows Cautious Spending
Released Wednesday, the Fed's Beige Book showed flat-to-declining consumer spending in all 12 districts during August compared with its last report in July. Economic uncertainty and tariffs were cited as reasons for cautious spending.
Nearly all the districts experienced tariff-related price increases, particularly in the prices of inputs.
Among stocks, Salesforce plunged nearly 4% in after-hours trade on earnings news. Earnings of $2.91 per share for the company's second quarter topped estimates of $2.78. Sales of $10.2 billion also edged past views.
But the company slightly missed estimates on its third-quarter revenue projections and was in line with views on earnings. Shares got turned away at their 50-day moving average.
3:13 p.m. ET
S&P 500: Techs Up, Energy Down
Among S&P 500 sectors, communication services, technology and consumer discretionary made gains of 0.2% to 3.3%. Energy lagged the most, falling more than 2%. The other sectors saw smaller losses of less than 1%.
In stocks, Nvidia and Palantir lagged on Wednesday, dipping below their 50-day moving averages. Both artificial intelligence leaders hit all-time highs in August and have since retreated.
Nvidia was off 0.7% and headed for its fourth straight losing session. Palantir gave back 1.5%.
Three Titans Lead Market; Nvidia, Palantir Hit Resistance
2:17 p.m. ET
Stock Market Today: Dow's Gainers, Losers
Among Dow components, Apple led blue chips with a jump of more than 3%. It was one of few gainers on the 30-stock index. Others included Walmart, up 1%, and Salesforce, which added 0.6%.
Losers vastly outnumbered winners on the Dow. American Express and Chevron were the biggest laggards, with each falling nearly 3%. Boeing also underperformed with a loss of 2.4%. Others dropping more than 2% included Honeywell International and 3M.
1:15 p.m. ET
Warren Buffett Holding Reverses Higher
Warren Buffett's Berkshire Hathaway holding Kraft Heinz bounced back somewhat after shares plunged on Tuesday amid its announcement that it would split into two separate companies in the second half of 2026. Shares were up more than 2% Wednesday afternoon, but weren't moving high enough to make up for Tuesday's 7% drop.
Buffett told CNBC that he was disappointed by the move, which does not require approval from shareholders. The seasoned investor had pressed for the merger between Kraft and Heinz a decade ago.
Among other holdings in the Berkshire portfolio, Bank of America was slipping, but still hovered just above an entry at 49.31 on Wednesday. Shares broke out of a flat base on Aug. 22 and are in a 5% buy zone that goes up to 51.78.
12:28 p.m. ET
Boot Barn Does An About-Face
In stocks, Boot Barn edged past a buy point of 183.60 and hit an all-time high of 185.85 on Wednesday before reversing. Shares were down 0.2% in recent action.
The stock fell on Aug. 1 after first-quarter results but rebounded after finding support at their 50-day moving average to form a flat base.
11:23 a.m. ET
Oil Falls On OPEC+ News
On Wednesday, Atlanta Federal Reserve President Raphael Bostic noted that inflation remains a risk although the labor market is weakening. He said that could warrant one quarter-point rate cut this year, Reuters reported.
In commodities, oil fell more than 2% after Reuters reported that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are considering increasing their output when the group meets this weekend. West Texas Intermediate futures traded lower, near $64 a barrel.
Meanwhile, gold rose by nearly 1%, and passed the $3,600 mark.
10:34 a.m. ET
Fed's Waller Calls For Rate Cut
In economic news, the Labor Department's Job Openings and Labor Turnover Survey, known as JOLTS, showed 7.181 million job openings vs. estimates of 7.375 million in July. On Friday, employment data for August is on watch. Estimates suggest that the economy added 77,000 jobs during the month, up from 73,000 in July.
Meanwhile, factory orders for July fell 1.3% month-on-month. Economists had expected a 1.4% decline from June after a sharp fall of 4.8% in June.
Also, Fed Gov. Christopher Waller called for a rate cut in September in a CNBC interview, Reuters reported. According to The Wall Street Journal, Treasury Secretary Scott Bessent will start the first round of interviews for the next Fed chair.
Stock Market Today: Salesforce Due To Report Earnings
In stocks, Salesforce is due to report its third-quarter results after the market close. Shares dipped early Wednesday and traded below their 50-day moving average.
Campbell's jumped nearly 4% after releasing its fourth-quarter results. Earnings of 62 cents per share topped estimates of 56 cents while sales of $2.3 billion met views. The stock rebounded from its downward sloping 50-day moving average. The packaged foods stock holds a weak Relative Strength Rating of 10.
In software, cybersecurity stock Zscaler fell nearly 4%, on track to extend its two-day losing streak after its fourth-quarter report late Tuesday. Earnings grew 24% to 89 cents per share while sales increased 21% to $719.2 million. For the current quarter, the midpoint earnings outlook for 86 cents EPS on sales of $773 million beat estimates.
HealthEquity was also an earnings mover, surging nearly 5% Wednesday. For its July-ended quarter, earnings grew 26% to $1.08 per share while sales also increased 9% to $325.8 million. Shares rose more than 5% and approached their 50-day moving average.
9:41 a.m. ET
Nasdaq 100 Winners, Losers
Among Nasdaq 100 stocks, Tesla had been up more than 1% but pared those gains to just 0.3% in recent action. Tesla stock is finding support around its 50-day moving average.
Meanwhile, Trade Desk and Datadog declined around 1% each. Trade Desk continues to hold near its recent lows following big losses. And Datadog shares threatened to extend a losing streak to three sessions.
8:38 a.m. ET
Dow Jones Movers: Chevron, Microsoft, Nvidia
Inside the blue chip index, Chevron and Microsoft were among the biggest decliners in premarket trading, down 1.1% and 0.5%, respectively. Chevron stock remains above a 157.21 handle entry, while Microsoft shares threatened to extend a losing streak to three sessions.
On the upside, Nvidia climbed 0.4%, looking to snap a four-day losing streak and bounce back from Tuesday's 2% sell-off.
8:11 a.m. ET
Stock Market Today: Alphabet, Apple Surge On Court Ruling
Alphabet stock surged 6% early Wednesday after a federal judge issued a ruling on remedies in the U.S. government's antitrust lawsuit involving the tech giant's internet search business. The Google parent is on pace to hit a new high.
Federal judge Amit Mehta ruled that Google can keep its Chrome browser, but the internet giant cannot have exclusive search contracts and must share search index data with competitors. The company can still make payments to third parties for default browser placement.
Apple stock jumped nearly 4% premarket Wednesday amid the more favorable ruling than expected as the judge took into account an increasingly competitive search landscape spurred by generative artificial intelligence. Shares of Apple are set to break out past a 235.12 handle entry.
Stock Market Today: Earnings Movers
Key earnings movers Wednesday morning included Dollar Tree, Macy's and Zscaler.
Dollar Tree stock tumbled nearly 4% after the company offered a downbeat outlook for the current quarter despite reporting an earnings beat in the second quarter and raising its full-year outlook.
Macy's shares soared 12% after the retailer beat second-quarter estimates and raised its full-year earnings and sales forecast.
Finally, Zscaler stock rallied more than 2% after the cybersecurity firm reported fiscal fourth-quarter earnings, revenue and billings that topped estimates, while its fiscal 2026 sales outlook came in above estimates.
Economic Data Due
The Labor Department's Job Openings and Labor Turnover Survey, known as JOLTS, is due at 10 a.m. ET. July's job openings are anticipated to fall to 7.375 million in July vs. 7.437 million in June. The report tracks monthly changes in job openings and offers rates on hirings and resignations.
Commerce Department factory order figures are also expected at 10 a.m. ET. Following a 4.8% decline in June, factory orders are anticipated to further fall, down 1.4% in July.
Lastly, the Federal Reserve's Beige Book is due out at 2 p.m. ET. This book is produced roughly two weeks before the Fed's monetary policy meetings. On each occasion, a different Fed district bank compiles anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts.
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