Mid-Day Market Update: U.S. Stocks Turn Negative; Dow Falls 150 Points

Midway through trading Wednesday, the Dow traded down 0.60 percent to 25,133.72 while the NASDAQ declined 0.72 percent to 7,148.90. The S&P also fell, dropping 0.56 percent to 2,707.03.

Leading and Lagging Sectors

On Wednesday, the industrial shares climbed 0.02 percent. Meanwhile, top gainers in the sector included CAE Inc. CAE up 8 percent, and Maxar Technologies Ltd. MAXR up 7 percent.

In trading on Wednesday, utilities shares fell 1.1 percent.

Top Headline

Macy's Inc M reported better-than-expected earnings for its third quarter and raised its full-year outlook.

Macy's posted Q3 earnings of $0.27 per share on sales of $5.404 billion. However, analysts were expecting earnings of $0.14 per share on sales of $5.41 billion.

Macy's now expects FY18 earnings of $4.10 to $4.30 per share, versus prior forecast of $3.95 to $4.15 per share.

Equities Trading UP

Tahoe Resources Inc. TAHO shares shot up 45 percent to $3.19 after Pan American Silver Corp. PAAS announced the acquisition of Taho for $3.40 per share in cash.

Shares of Presbia PLC LENS got a boost, shooting up 74 percent to $1.27 after the company late Tuesday reported Q2 EPS of $(0.13), an improvement from $(0.28) last year.

Sphere 3D Corp. ANY shares were also up, gaining 91 percent to $3.15. Sphere 3D reported completion of divestiture of Overland Storage.

Equities Trading DOWN

Resonant Inc. RESN shares dropped 38 percent to $1.8050 after the company reported downbeat quarterly results.

Shares of Amyris, Inc. AMRS were down 29 percent to $4.1825 after the company reported a third-quarter loss of $0.63 per share on sales of $14.87 million.

PG&E Corporation PCG was down, falling around 30 percent to $22.7601. A group of three law firms filed a lawsuit on behalf of victims of California's 'Camp Fire' against PG&E, Reuters reported. Edward Jones downgraded PG&E from Hold to Sell.

Commodities

In commodity news, oil traded up 1.81 percent to $56.70 while gold traded up 0.18 percent to $1,203.60.

Silver traded up 0.31 percent Wednesday to $14.02, while copper rose 0.47 percent to $2.6995.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 declined 0.6 percent, the Spanish Ibex Index fell 0.42 percent, while Italy’s FTSE MIB Index slipped 0.78 percent. Meanwhile the German DAX dropped 0.52 percent, and the French CAC 40 fell 0.65 percent while U.K. shares fell 0.28 percent.

Economics

The Consumer Price Index rose 0.3 percent for October, versus economists’ expectations for a 0.3 percent increase.

Federal Reserve Chairman Jerome Powell will speak in Dallas, TX, at 5:00 p.m. ET.

Dallas Federal Reserve Bank President Robert Kaplan is set to speak Dallas, TX at 5:00 p.m. ET.