How Did the Stock Market Do Today?
Dow Jones: 15,914.74; -99.64; -0.62%
S&P 500: 1,851.86; -0.35; -0.02%
Nasdaq: 4,283.59; +14.83; +0.35%
The Dow Jones Industrial Average today (Wednesday) fell 99 points as markets reacted to U.S. Federal Reserve Chairwoman Janet Yellen's testimony before Congress on the health of the U.S. economy. Shares of Tesla Motors Inc. (Nasdaq: TSLA), Twitter Inc. (NYSE: TWTR), and Whole Foods Market Inc. (Nasdaq: WFM) are in focus as the three firms report earnings after the bell.
The CBOE Volatility Index (VIX) – Wall Street's fear gauge – slipped 0.75%.
On the economic front, Fed Chairwoman Janet Yellen questioned the legality of negative interest rates during her testimony before the House of Representatives. Yellen said struggles in the financial sector and the ongoing contraction of the Chinese economy were threats to the U.S. economy; however, she also added the central bank is very unlikely to cut interest rates again in the near future.
Top Stock Market News Today
Stock Market Today: Four of the 10 major S&P sectors were in positive territory as traders weighed Yellen's testimony. Healthcare stocks offered the strongest boost to the Dow Jones, while telecom stocks were the largest drag. Shares of Pfizer Inc. (NYSE: PFE) were up 1.4% on heavy volumes, while Johnson & Johnson (NYSE: JNJ) was off 0.3%. Shares of Comcast Corp. (Nasdaq: CMCSA) slipped more than 4.1% as concerns about cord-cutting continue to weigh on the cable industry.
Oil Prices: Crude oil prices hit a three-week low as macroeconomic concerns continue to weigh on commodity prices. WTI crude oil – priced in New York – slipped 1.8% to hit $27.45 per barrel. Meanwhile, Brent crude – priced in London – gained 1.7% to hit $30.84 per barrel. Shares of Exxon Mobil Corp.(NYSE: XOM) dipped 0.9%, while shares of Chevron Corp. (NYSE: CVX) added 0.1%. Shares of NGL Energy Partners LP (NYSE: NGL) slipped 17.8% as MLPs continue to face pressures from falling crude prices.
On Tap Tomorrow: On Thursday, Fed Chairwoman Janet Yellen will begin the second day of her congressional testimony as she appears before the Senate Banking Committee. Traders will keep an eye on weekly jobless claims, the EIA natural gas report, and the Fed Balance Sheet. Companies set to report quarterly earnings include Groupon Inc. (Nasdaq: GRPN), Pandora media Inc.(NYSE: P), TripAdvisor Inc. (Nasdaq: TRIP), Wynn Resorts Ltd. (Nasdaq: WYNN), Activision Blizzard Inc. (Nasdaq: ATVI), PepsiCo Inc. (NYSE: PEP), CBS Corp. (NYSE: CBS), and Monster Worldwide Inc. (NYSE: MWW).
