LONDON: U.S. stocks ended Wednesday’s session lower, as disappointing quarterly results from Macy’s and a selloff in energy stocks weighed on the major stock-market indexes.
“Markets are a little bit fatigued after charging higher since late September, which saw the S&P 500 retrace all of the falls since China first announced currency devaluation,” said Ryan Larson, head of equity trading at RBC Global Asset Management.
“It’s not uncharacteristic for markets to pause in a week light on news and catalysts,” Larson said.
Market participants said trading volumes were lower than usual as bond markets and banks closed in observance of Veterans Day.
The S&P 500 SPX, -0.32% gave up 6.72 points, or 0.3%, to close at 2,075.00. Energy, off 1.9%, and health-care, 0.9% lower, led losses. The broad-market index has been down five of the past six sessions. A nearly 3% tumble in West Texas Intermediate crude oil, sparked by a renewed concern of a U.S. supply gut, resulted in oil prices sinking below $43 a barrel.
The Dow Jones Industrial Average DJIA, -0.32% shed 55.99 points, or 0.3%, to close at 17,702.22. The Nasdaq Composite COMP, -0.32% ended the day down 16.22 points, or 0.3%, at 5,067.02.
