Following the market opening Wednesday, the Dow traded down 1.71% to 25,830.32 while the NASDAQ fell 1.99% to 7,857.00. The S&P also fell, dropping 1.69% to 2,876.80.
Leading and Lagging Sectors
Utilities shares slipped by just 0.1% on Wednesday. Meanwhile, top gainers in the sector included Global Water Resources, Inc. GWRS, up 3%, and Pampa Energía S.A. PAM, up 4%.
In trading on Wednesday, energy shares tumbled 3%.
Top Headline
Macy's Inc M reported weaker-than-expected earnings for its second quarter and lowered its FY19 earnings outlook.
Macy's reported second-quarter earnings of $0.28 per share, which missed the analyst consensus estimate of $0.46 per share. The company reported quarterly sales of $5.546 billion, which missed the analyst consensus estimate of $5.55 billion.
Macy's lowered its FY19 adjusted EPS guidance from $3.05-$3.25 to $2.85-$3.05.
Equities Trading UP
Purple Innovation, Inc. PRPL shares shot up 36% to $8.88 after the company reported better-than-expected Q2 EPS and sales results.
Shares of Akari Therapeutics, Plc AKTX got a boost, shooting up 31% to $2.38 after receiving FDA Fast Track designation for nomacopan for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy.
Presidio, Inc. PSDO shares were also up, gaining 21% to $16.02 after the company announced an agreement to be acquired by BC Partners for $16 per share in cash.
Equities Trading DOWN
Myriad Genetics, Inc. MYGN shares tumbled 39% to $27.08 after the company reported worse-than-expected Q4 EPS and sales results. The company also issued Q1 and FY20 guidance below analyst estimates.
Shares of CorePoint Lodging Inc. CPLG were down 28% to $7.89 after the company reported Q2 resulst.
Reed's, Inc. REED was down, falling 21% to $2.36 after the company reported worse-than-expected Q2 EPS and sales results. The company also issued FY19 sales guidance below analyst estimates.
Commodities
In commodity news, oil traded down 2.5% to $55.67, while gold traded up 0.8% to $1,526.40.
Silver traded up 1% Wednesday to $17.16, while copper fell 1.3% to $2.5965.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 fell 1.3%, the Spanish Ibex Index fell 1.6%, while Italy’s FTSE MIB Index dipped 2%. Meanwhile, the German DAX dropped 1.7%, and the French CAC 40 fell 1.6% while UK shares fell 1.3%.
Economics
The import price index increased 0.2% for July, while export prices rose 0.2% last month.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
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