AEO - Stocks Continue Sluggish Start to September
Stocks fell Wednesday, continuing Wall Street's sluggish start to the new month.
The Dow Jones Industrials fumbled 141.42 points to begin Wednesday at 34,500.55.
The S&P 500 index shed 29.13 points to 4,467.70.
The NASDAQ index faltered 119.69 points to 13,901.26.
Information technology and consumer discretionary stocks underperformed, dragging the respective S&P 500 sectors more than 1%. The biggest laggards included Nvidia and Tesla, falling about 3% each. Apple dropped nearly 3%, weighing on the Dow. Merck, Johnson & Johnson and Amgen contributed to the losses, falling more than 1% each.
Roku popped 13% after sharing a slew of cost-cutting measures, including layoffs. AMC Entertainment shed more than 17% after announcing an additional stock sale.
GameStop, American Eagle Outfitters and ChargePoint are among stocks slated to report earnings after the bell.
On the economic front, investors assessed fresh U.S. trade deficit data, which showed the trade shortfall rise less than expected in July, and stronger-than-expected ISM services data. A new beige book, which summarizes economic activity, will be released in the afternoon.
Prices for the 10-year Treasury were mildly lower, raising yields to 4.29% from Tuesday's 4.27%. Treasury prices and yields move in opposite directions.
Oil prices took on five cents to $86.74 U.S. a barrel.
Gold prices dropped $8.60 to $1,943.80 U.S. an ounce.