(Sharecast News) - Major indices were in the red early on Wednesday, as oil prices moved higher amid renewed uncertainty surrounding the conflict between the US and Iran.
As of 1510 BST, the Dow Jones Industrial Average was down 0.23% at 51,744.68, while the S&P 500 shed 0.41% to 7,733.01 and the Nasdaq-100 came out of the gate 0.72% weaker at 27,047.76.
The Dow opened 119.01 points lower on Wednesday, extending losses recorded in the previous session.
Stocks were in the red at the open after Brent crude more than reversed overnight declines, with November contracts last up 2.08% at $101.31 a barrel and West Texas Intermediate traded 1.52% higher at $91.90 a barrel. The moves came after Donald Trump said US and Iranian officials held a "very good meeting" lasting about three hours during the United Nations General Assembly in New York. In his address to the UN earlier in the day, he said he faced a "big decision" on whether to pursue a deal with Tehran or "annihilate" the country.
Separately, Treasury Secretary Scott Bessent said the US was weighing whether to restrict diesel exports, with national average prices hitting $6.53 per gallon, according to AAA.
Treasuries also weighed on investor sentiment, with the yield on the benchmark ten-year Treasury note climbing more than seven basis points to 5.043%, while the two-year note was almost ten basis points higher at 4.870%.
On the macro front, US mortgage applications fell 1,5% in the week ended 18 September, according to the Mortgage Bankers Association, extending the 4.1% decline seen in the prior week. Applications to refinance a mortgage slid 3% to its slowest pace in 18 months, while applications to purchase a home edged 1% lower, reflecting softer demand against a backdrop of rising borrowing costs and uncertainty over future property disposals. The fall comes as the 30year fixed mortgage rate increased to 7.12%, up from 6.97% a week earlier, and rates for 30-year mortgages with jumbo loan balances increased 12 basis points to 7.15%.
Elsewhere, US business activity accelerated sharply in September, with preliminary readings of S&P Global's composite, services and manufacturing PMIs all rising to multiyear highs. The composite PMI climbed to 58.4 from 56.0 in August, a 62month peak, while the services PMI advanced to 58.7, its strongest reading in almost five years. Manufacturing also strengthened, with output up to 56.7 and the headline PMI jumping to 57.0, both of which were the highest readings since 2022. S&P Global said growth was driven by a further surge in services activity alongside a renewed pickup in factory output.
In the corporate space, General Mills posted softer quarterly numbers, with net sales down 3% at $4.4bn due to the US yogurt divestiture, while organic sales were flat, operating profits fell 63% to $634m, and adjusted operating profits were 11% lower at constant currency. Diluted earnings per share dropped 67% to $0.74, while adjusted EPS was down 13% at $0.75. Looking forward, General Mills reaffirmed its fullyear guidance.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $237.32 2.19%
Dow Chemical Co. (DOW) $28.75 1.95%
Chevron Corp. (CVX) $205.93 1.72%
Boeing Co. (BA) $201.15 1.55%
International Business Machines Corporation (CDI) (IBM) $234.76 1.53%
Amgen Inc. (AMGN) $409.44 1.16%
Visa Inc. (V) $363.70 0.66%
Travelers Company Inc. (TRV) $365.69 0.61%
Johnson & Johnson (JNJ) $270.77 0.56%
Intel Corp. (INTC) $121.04 0.07%
Dow Jones - Fallers
McDonald's Corp. (MCD) $239.65 -3.36%
Cisco Systems Inc. (CSCO) $106.06 -3.01%
Home Depot Inc. (HD) $300.20 -1.67%
Apple Inc. (AAPL) $337.49 -1.06%
Unitedhealth Group Inc. (UNH) $367.10 -0.99%
Walt Disney Co. (DIS) $102.88 -0.82%
Nike Inc. (NKE) $35.82 -0.80%
3M Co. (MMM) $168.49 -0.73%
Caterpillar Inc. (CAT) $805.26 -0.63%
Goldman Sachs Group Inc. (GS) $943.55 -0.56%
S&P 500 - Risers
Illumina Inc. (ILMN) $253.07 6.71%
Brighthouse Financial, Inc. (BHF) $52.84 5.24%
Cadence Design Systems Inc. (CDNS) $309.37 4.16%
Seagate Technology Plc (STX) $903.60 4.14%
Micron Technology Inc. (MU) $1,087.83 4.10%
Skyworks Solutions Inc. (SWKS) $91.70 3.41%
Devon Energy Corp. (DVN) $48.26 3.17%
Align Technology Inc. (ALGN) $151.56 3.09%
Biogen Inc (BIIB) $226.08 2.91%
Western Digital Corp. (WDC) $456.52 2.59%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $58.69 -11.19%
Charter Communications Inc. (CHTR) $113.12 -8.79%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Booking Holdings Inc. (BKNG) $157.82 -8.37%
Gen Digital Inc. (GEN) $26.73 -8.31%
TripAdvisor Inc. (TRIP) $8.23 -7.46%
Paychex Inc. (PAYX) $104.72 -6.91%
Expedia Group Inc. (EXPE) $262.95 -5.90%
Intuit Inc. (INTU) $287.75 -5.86%
Adobe Systems Inc. (ADBE) $239.11 -5.42%
Nasdaq 100 - Risers
Illumina Inc. (ILMN) $253.07 6.71%
Check Point Software Technologies Ltd. (CHKP) $139.44 4.18%
Cadence Design Systems Inc. (CDNS) $309.37 4.16%
Seagate Technology Plc (STX) $903.60 4.14%
Micron Technology Inc. (MU) $1,087.83 4.10%
Skyworks Solutions Inc. (SWKS) $91.70 3.41%
Align Technology Inc. (ALGN) $151.56 3.09%
Biogen Inc (BIIB) $226.08 2.91%
Western Digital Corp. (WDC) $456.52 2.59%
QUALCOMM Inc. (QCOM) $196.18 2.33%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Charter Communications Inc. (CHTR) $113.12 -8.79%
Booking Holdings Inc. (BKNG) $157.82 -8.37%
Gen Digital Inc. (GEN) $26.73 -8.31%
Paychex Inc. (PAYX) $104.72 -6.91%
Expedia Group Inc. (EXPE) $262.95 -5.90%
Intuit Inc. (INTU) $287.75 -5.86%
Sirius XM Holdings Inc (SIRI) $25.83 -5.53%
Adobe Systems Inc. (ADBE) $239.11 -5.42%
American Airlines Group (AAL) $13.34 -4.55%
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