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Market close: Stocks fall despite strong retail earnings

By Joseph Toppe


Brokers are active on the floor of the New York Stock Exchange
Stocks finish down but Tesla shares spike after Elon Musk sale - Photo: Shutterstock

US indices were down across the board on Wednesday as the market reacted to a series of better-than-expected earnings reports from big-box retailers.

The Dow Jones Industrial Average dropped around 211 points, or 0.6%, to close around 35,932, the S&P 500 went down around 12 points, or 0.3%, to close around 4,689, while the Nasdaq Composite sank nearly 52 points, or 0.3%, to around 15,922.

On Tuesday, the Dow added 54.77 points, or 0.15%, the S&P 500 improved 0.39%, while the Nasdaq Composite jumped 0.76%.

Winners and losers: Visa stock aids Dow drop

Shares of Visa took a 4.43% hit during trading on Wednesday, helping to drag down the Blue-Chip Dow to its session loss.

Shares for Cisco are down more than 6% after their third-quarter report revealed IT spending and supply chain issues.

Shares of Tesla jumped 3.25% after CEO Elon Musk sold another 934,000 of his shares on Tuesday for approximately $973m.

Shares of Target closed 4.7% lower despite the company taking on more staff as the US retailer reported third-quarter earnings that beat analysts' expectations. For the third-quarter ending on 30 October, net income rose 47% to $1.49bn from $1.01bn a year earlier, according to a press release.

Shares of Lowe’s closed 1.2% after the retailer showed both profit and revenue from the third quarter exceeding expectations. The store also reported an increase in same-store sales and raised its full-year outlook.

Shares of TJX improved 5.8% after the retailer reported a quarterly earnings ‘win’ on the top and bottom lines. The store also reported a same-store sales increase of 14% year-over-year.

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Oil today: Crude drops, Biden weighs in

Oil futures fell Wednesday afternoon as investors waited to see if the Biden administration taps emergency reserves in a coordinated move with nations such as China, and a report shows a smaller than anticipated increase in oil inventories.


2,072.25 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0193%
Short position overnight fee 0.0111%
Overnight fee time 22:00 (UTC)
Spread 0.30


39,585.25 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

Oil - Crude

74.50 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0136%
Short position overnight fee -0.0083%
Overnight fee time 22:00 (UTC)
Spread 0.040

West Texas Intermediate (WTI) was down 3.3% to $78.13 a barrel at 14:00 ET (UTC-5). European Brent crude dropped to $80.14, down 2.8%. Natural gas continued the downward trend by slumping more than 6% to $4.84 per million cubic feet.

US motorists will not be seeing relief at the pump soon, even as gasoline dropped more than 2.6% to $2.28 a gallon. As wintry weather descends on North America heating oil was down more than 2.6% to $2.37 per gallon.

Gold today: Precious metal ends losing skid 

Gold futures are up on Wednesday following a drop in each of the last two trading sessions.

December gold went up $16.10, or 0.9%, to close at $1,870.20 an ounce, representing the highest settlement for a most-active contract since 11 June.

In other metals, silver for December delivery on Comex spiked 22 cents, or 0.9%, at $25.167 an ounce, after a 0.6% fall during yesterday’s session.

December copper dropped 2% at $4.266 a pound, while January platinum lost 0.5% to $1,069.10 an ounce, and December palladium closed 0.8% higher at $2,184.50 an ounce.

Forex today: US dollar trails Euro

The yield on the benchmark 10-year Treasury note was 1.604% Wednesday, down from 1.632% Tuesday.

On Wednesday, the US Dollar is down 0.2% at 114.61 versus the Japanese Yen, while one Euro equals 1.13 of the US Dollar and a 1 Pound sterling comes to 1.35 of the American currency.

Read more: Fed chair nominations ‘imminent’, down to Powell, Brainard

Markets in this article

Oil - Brent
Brent Oil
79.146 USD
-1.303 -1.620%
48.51 USD
0.05 +0.100%
134.86 USD
0.95 +0.710%
Tesla Inc (Extended Hours)
239.02 USD
4.46 +1.900%
89.12 USD
0.97 +1.100%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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