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Midway through trading Wednesday, the Dow traded down 0.43 percent to 18,471.62 while the NASDAQ declined 0.54 percent to 5,198.74. The S&P also fell, dropping 0.40 percent to 2,169.34.
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Leading and Lagging Sectors
On Wednesday, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.
In trading on Wednesday, basic materials shares slipped by 1.1 percent. Meanwhile, top losers in the sector included Harmony Gold Mining Co. (ADR) (NYSE: HMY), down 7 percent, and Yamana Gold Inc. (USA) (NYSE: AUY), down 6 percent.
Top Headline
Target Corporation (NYSE: TGT) reported better-than-expected earnings for its second quarter, but lowered its full-year profit guidance.
Excluding items, Target posted quarterly earnings of $1.23 per share, beating analysts’ expectations of $1.12 per share. Its net sales declined 7.2 percent to $16.17 billion, versus analysts' estimates of $16.18 billion.
The company now expects full-year profit of $4.80 to $5.20 per share, versus a previous range of $5.20 to $5.40 per share.
Equities Trading UP
Sky Solar Holdings Ltd (ADR) (NASDAQ: SKYS) shares shot up 58 percent to $4.25 as the company reported the potential sale of certain assets held by Sky Solar Japan for $165 million.
Shares of Urban Outfitters, Inc. (NASDAQ: URBN) got a boost, shooting up 17 percent to $36.49 as the company reported stronger-than-expected results for its second quarter on Tuesday.
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SCYNEXIS Inc (NASDAQ: SCYX) shares were also up, gaining 26 percent to $2.60. Guggenheim Securities initiated coverage on SCYNEXIS with a Buy rating.
Equities Trading DOWN
StemCells Inc (NASDAQ: STEM) shares dropped 36 percent to $1.68 as the company reported that it will accept warrant exercises from holders to purchase common stock issued on April 29, 2015 at a reduced exercise price of $1.10 per share. StemCells shares jumped 598.55 percent on Tuesday.
Shares of 21Vianet Group Inc (NASDAQ: VNET) were down 12 percent to $9.29. 21Vianet Group reported a Q2 adjusted loss of $0.17 per ADS on revenue of $137.1 million. JP Morgan downgraded 21Vianet Group from Neutral to Underweight.
Cree, Inc. (NASDAQ: CREE) was down, falling around 14 percent to $23.53 as the company reported downbeat earnings for its fourth quarter and issued a weak forecast for the current quarter.
Commodities
In commodity news, oil traded down 0.17 percent to $47.14 while gold traded down 0.48 percent to $1,350.40.
Silver traded down 1.38 percent Wednesday to $19.60, while copper fell 0.80 percent to $2.16.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 fell 0.83 percent, the Spanish Ibex Index declined 1.56 percent, while Italy’s FTSE MIB Index dipped 1.58 percent. Meanwhile the German DAX declined 1.30 percent, and the French CAC 40 fell 0.96 percent, while U.K. shares fell 0.50 percent.
Economics
The MBA reported that its index of mortgage application activity declined 4 percent for the week ended August 12.
U.S. crude supplies dropped 2.5 million barrels in the week ended August 12, the U.S. Energy Information Administration reported. However, analysts were expecting a decline of 200,000 barrels. Gasoline supplies slipped 2.7 million barrels, while distillate stockpiles gained 1.9 million barrels last week.
St. Louis Federal Reserve Bank President James Bullard is set to speak in St. Louis at 1:00 p.m. ET.
The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
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.