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Midway through trading Wednesday, the Dow traded down 1.03 percent to 16,866.93 while the NASDAQ declined 1.01 percent to 4,448.15. The S&P also fell, dropping 0.71 percent to 1,958.31.
Leading and Lagging Sectors
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In trading on Wednesday, utilities shares were relative leaders, up on the day by about 0.88 percent. Top gainers in the sector included Exelon (NYSE: EXC), up 3.4 percent, and NRG Energy (NYSE: NRG), up 2.7 percent.
Industrials sector was the top decliner on Wednesday. Top losers in the sector included American Science & Engineering (NASDAQ: ASEI), down 9.7 percent, and Chart Industries (NASDAQ: GTLS), off 10 percent.
Top Headline
Ford Motor Co (NYSE: F) reported a 3% drop in its US sales in September.
Ford sold 180,175 cars and light trucks in the US in the month. Ford brand vehicle sales fell 3.2% to 172,918, while Lincoln sales climbed 12.7% to 7,257 in the month.
Equities Trading UP
Angie's List (NASDAQ: ANGI) shares shot up 22.29 percent to $7.79 on reports that the company has hired investment bankers to explore strategic options, which would include a sale of the company, according to the Financial Times. Analysts at Northland Securities upgraded Angie's List from Underperform to Market Perform.
Shares of NewLink Genetics (NASDAQ: NLNK) got a boost, shooting up 6.16 percent to $22.74 on report of US Ebola case in Dallas.
RCS Capital (NYSE: RCAP) shares were also up, gaining 7.24 percent to $24.15 after the company announced its plans to acquire Cole Capital for $700 million.
Equities Trading DOWN
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Shares of Westport Innovations (NASDAQ: WPRT) were down 23.41 percent to $8.05 after the company offered technology, investment, market and sales update. The company lowered its full-year revenue forecast.
Automatic Data Processing (NASDAQ: ADP) shares tumbled 13.30 percent to $72.03 after the company closed the spinoff of CDK Global.
American Science & Engineering (NASDAQ: ASEI) was down, falling 9.72 percent to $49.99 after the company announced its plans to lower its workforce by around 10% to reduce operating expenses. The company also expected to post a net loss for the second quarter.
Commodities
In commodity news, oil traded up 1.71 percent to $92.72, while gold traded up 0.57 percent to $1,218.50.
Silver traded up 1.63 percent Wednesday to $17.34, while copper rose 0.62 percent to $3.03.
Euro zone
European shares were lower today. The eurozone’s STOXX 600 declined 0.83 percent, the Spanish Ibex Index fell 0.67 percent, while Italy’s FTSE MIB Index slipped 0.89 percent. Meanwhile, the German DAX dropped 0.97 percent and the French CAC 40 fell 1.15 percent while UK shares fell 0.98 percent.
Economics
The MBA reported that its index of mortgage application activity fell 0.2% in the week ended September 26.
Private-sector employers added 213,000 jobs in September, according to Automatic Data Processing Inc. However, economists were projecting an addition of 210,000 jobs.
The final reading of Markit manufacturing PMI fell to 57.50 in September, versus a prior reading of 57.90. However, economists were expecting a reading of 57.90.
The ISM manufacturing composite index fell to 56.60 in September, versus a prior reading of 59.00. However, economists were expecting a reading of 58.50.
US construction spending fell 0.80% in August, versus economists’ expectations for a 0.50% gain.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.