Stocks were mixed Wednesday as investors continued to traded cautiously amid the prospects of a potential U.S. government shutdown. The Dow Jones Industrial Average fell nearly 70 points, while the S&P 500 Index ticked above a positive flatline and the Nasdaq Composite added 0.22%.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In the spotlight, a potential federal shutdown is looming over Wall Street, as Congress has until Sept. 30 to reach a spending deal to cover its debts. President Joe Biden said Wednesday that he does not believe a shutdown is inevitable and called on lawmakers to "do their job, [and] fund the government," according to multiple reports.
Also in the news, media stocks including Netflix
The deal, which extends until May 2026, contains a minimum 5% pay raise for writers, with additional increases planned for 2024 and 2025. The contract also outlines that artificial intelligence material cannot by a source or literary material, and adds a new residual payment based on viewership and show popularity.
On the earnings front, Costco Wholesale
Elsewhere, Meta Platforms
Target
"We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance," Target said in a release. "We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all."
Morgan Stanley analyst Megan Alexander initiated Mattel
"MAT is trading well below historical levels, and we expect the stock to re-rate on both an absolute and relative basis as (1) revisions turn positive, (2) it proves resilient in a deteriorating macro, and (3) it monetizes its strong IP in the wake of the Barbie movie." Alexander wrote in a note.
For Thursday, traders will get new figures on second-quarter GDP and pending home sales for August, and will react to earnings from companies like Micron Technology