Stocks fell lower on Wednesday as more disappointing economic data and corporate news weighed on market sentiment as investors fear a potential recession. The Dow Jones Industrial Average fell over 600 points, while the S&P 500 Index and Nasdaq Composite lost 1.6% and 1.2%, respectively.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In the spotlight on Wednesday, Microsoft
"I'm confident that Microsoft will emerge from this stronger and more competitive," said CEO Satya Nadella in a memo posted on Microsoft's website.
On the economic front, the U.S. Commerce Department reported Wednesday that retail sales fell 1.1% in December from November's downwardly revised reading. Economists had expected sales to only decline 0.8% last month.
Meanwhile, the U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) for December fell by a more-than-expected 0.5%, marking the biggest decline for the inflation gauge since the pandemic. Headline PPI rose at an annual 6.2% clip last month, declining year-over-year from November's reading of 7.3%.
For stocks, United Airlines
Moderna
IBM
"Should our 2023 Industry Outlook prove correct, and early cycle dynamics emerge in mid 2023, we see risk to outperformance given the stock is trading near-record highs and IBM historically underperforms IT Hardware and its peers in an early cycle environment," Woodring wrote in a note.
Looking ahead, all eyes will be on Netflix's