Stocks fell on Wednesday, marking the fourth straight session of losses, as investors continued to weigh the Federal Reserve's efforts to curb high inflation. The Dow Jones Industrial Average dropped over 270 points, while the S&P 500 and Nasdaq Composite fell 0.8% and 0.6% lower, respectively.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
What began as a strong month for Wall Street ended in the negative, with the Dow finishing August down 4%, while the S&P 500 and Nasdaq lost 4.1% and 4.5%, respectively.
Bed Bath & Beyond
On a call with investors, Bed Bath & Beyond said is has started closing about 150 of its underperforming store fronts and plans to cut costs by reducing its workforce by 20% across corporate and supply chain staff. Moreover, the company has secured more than $500 million in new financing.
Earlier Wednesday, the company said in a filing that it will sell an undisclosed amount of shares and may use any proceeds from potential stock sales to repay short-term debt.
"There is still an incredible degree of love for Bed Bath & Beyond," said Mara Sirhal, brand president at Bed Bath & Beyond, on the call. "We must get back to our rightful place as the home category destination, and our goal is to achieve this by leading with product and brands our customers want."
Elsewhere for stocks, Snap
"The scale of these changes vary from team to team, depending upon the level of prioritization and investment needed to execute against our strategic priorities," CEO Evan Spiegel said in a statement late Tuesday. "The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth.
In economic news, ADP reported private payrolls increased by 132,000 in August, according to its new methodology. The firm said companies are sharply showing the pace of hiring amid growing fears of an economic slowdown. Economists had estimated a monthly gain of 300,000.
ADP's report comes two days before the Labor Department issues official employment data for August, which is expected so show nonfarm payrolls increasing by 300,000.