[6:20 PM New York City, New York – Market indexes on Wall Street declined after Wal-Mart and JPMorgan disappointed investors. Wal-Mart dropped 10% after lowering annual earnings outlook. JPMorgan declined nearly 3% after the bank missed third-quarter earnings.
U.S. stocks traded lower on Wednesday after Wal-Mart and JPMorgan disappointed investors.
Retail stocks were under pressure after Wal-Mart forecasted fiscal 2017 earnings per share to decline as much as 12% and retail sales in September barely rose.
Wal-Mart plunged 10%, the largest single-day decline in years and in the heaviest trading since January. The decline also erased $22 billion of market cap of the company.
U.S. retail sales in September adjusted for seasonality and calendar increased 0.1% to $447.7 billion from August and jumped 2.4% from a year ago month.
Total retail sales in three months to September soared 2.3% from a year ago period, the Department of Commerce reported today.
Separately, the department said inventories at the end of August were unchanged from July to $1,811 billion but jumped 2.4% from a year ago month.
Sales in August decreased 0.6% to $1,320.5 billion from July and declined 3.1% from a year ago month.
The seasonally adjusted Producer Price Index in September declined 0.5% after remaining unchanged in August and 0.2% increase in July.
On an unadjusted basis, the index for final demand in September declined 1.1% from a year ago month, the Department of Labor said.
On Wall Street, Tollbooth Strategy Index slipped 61.59 or 0.6% to 10,480.24.
S&P 500 index edged down 1.12 to 2,002.61 and the Nasdaq Composite Index rose 12.18 or 0.3% to 4,808.80.
Crude oil in New York fell 37 cents to $46.29 a barrel and gold jumped $9.85 to $1,178.69 an ounce.
Bank of America Corp
) gained 1% or 16 cents to $15.68 after the financial services provider reported total revenues in the third-quarter ending in September dropped 2.3% from a year ago to $20.91 billion.
Net in the quarter swung to profit $4.1 billion or 37 cents per diluted share compared to a loss of $232 million or 4 cents from the same quarter last year.
) jumped 2.2% or $7.19 to $322.31 after the investment management company said revenues in the third-quarter ending in September rose 2% from a year ago to $2.91 billion.
Net income in the quarter declined 8% to $843 million or $5 per diluted share compared to $917 million or $5.37 from the same quarter last year.
Long-term total net inflows in the quarter increased to approx $49 billion and Cash management asset under management jumped 5% in the third quarter to $285.7 billion.
JPMorgan Chase & Co
) slumped 2.7% or $1.64 to $59.91 after the investment banking services provider said total revenues in the third-quarter ending in September plunged 7% from a year ago to $22.78 billion.
Net income in the quarter soared 22% to $6.80 billion or $1.68 per diluted share compared to $5.57 billion or $1.35 from the same quarter last year.
Wells Fargo & Co
) slid 36 cents to $51.50 after the bank and financial services provider reported total revenues in the third-quarter ending in September jumped 3% from a year ago to $21.88 billion.