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U.S. stocks traded lower midway through trading, with the Nasdaq Composite dipping more than 500 points on Wednesday.
The Dow traded down 0.76% to 40,052.02 while the NASDAQ fell 2.89% to 17,476.46. The S&P 500 also fell, dropping, 1.75% to 5,458.52.
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Leading and Lagging Sectors
Utilities shares jumped by 0.8% on Wednesday.
In trading on Wednesday, consumer discretionary shares fell by 3%.
Top Headline
Tesla Inc (NASDAQ:TSLA) shares dipped more than 11% on Wednesday on the heels of the company's second-quarter financial results. The EV maker noted that it expects 2024 vehicle volume growth to be lower than in 2023.
Tesla said second-quarter revenue increased 2% year-over-year to $25.5 billion, beating the consensus estimate of $24.73 billion, according to estimates from Benzinga Pro. The company reported adjusted earnings of 52 cents per share, missing analyst estimates of 62 cents per share.
Equities Trading UP
Equities Trading DOWN
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Commodities
In commodity news, oil traded up 0.1% to $77.07 while gold traded up 0.9% at $2,428.50.
Silver traded up 0.7% to $29.525 on Wednesday, while copper fell 0.6% to $4.1350.
Euro zone
European shares were mostly lower today. The eurozone's STOXX 600 fell 0.52%, Germany's DAX fell 0.83% and France's CAC 40 fell 0.99%. Spain's IBEX 35 Index rose 0.02%, while London's FTSE 100 fell 0.07%.
The HCOB Eurozone manufacturing PMI declined to 45.6 in July from 45.8 in June, while services PMI slipped to 51.9 from 52.8. The HCOB France composite PMI climbed to 49.5 in July from 48.8 in the prior month, while German composite PMI declined to 48.7 from 50.4.
The S&P Global Flash UK manufacturing PMI rose to 51.8 in July from 50.9 in June, while services PMI rose to 52.4 in July from 52.1 in the previous month.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.11%, Hong Kong's Hang Seng Index falling 0.91%, China's Shanghai Composite Index declining 0.46% and India's S&P BSE Sensex declining 0.35%.
The HSBC India Manufacturing PMI climbed to 58.5 in July from 58.3 the prior month, while services PMI rose to 61.1 in July from 60.5. The au Jibun Bank Flash Japan composite PMI rose to 52.6 in July versus a final reading of 49.7 in June.
Economics
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