| Feb 28, 2018 | 4:05 PM EST
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Closing Bell

The major U.S. average closed trading Wednesday at session lows, continuing the selloff that started Tuesday following comments made by Federal Reserve Chairman Jerome Powell.

The S&P 500 closed trading down 1.11%, or 30 points to 2,714, while the Dow Jones Industrial Average fell 1.5%, or 382 points to 25,028, and the Nasdaq dropped 0.78%, or 57 points to 7,273. 

Spotify Files for IPO

Music streaming service Spotify filed for an initial public option with the Securities and Exchange Commission Wednesday to begin trading on the New York Stock Exchange under the ticker SPOT. 

The company says this it has 159 million monthly active users and 71 million premium subscribers, which it estimates is nearly double that of Apple Music (AAPL) , its closest competitor. 

Spotify has more than doubled its annual revenue over the past three years from 1.94 billion euros in 2015 to 4.1 billion euros last year. 

American Airlines Opposes O'Hare Expansion

American Airlines (AAL) has come out in opposition to a proposed $8.5 billion expansion to Chicago's O'Hare Airport. 

American's opposition to the expansion stems from what it called a "secret" last-minute deal that would award additional gates to Chicago-based United Airlines (UAL)

"We would sign the lease if it did not include this provision. Alternatively, we are prepared to compromise. Indeed, since learning of the United gate deal less than two weeks ago, American has sought to re-level the playing field by urging the City to accelerate the construction of three additional gates, and award those to American. To date, the City has dismissed that approach without explanation," American said in a statement. 

Washington Leads Net Neutrality Battle With New Legislation

The state of Washington defied the Federal Communication Commission's decision to loosen net neutrality rules by being the first state to pass legislation protection net neutrality rules.

The law forbids broadband companies from throttling lawful internet traffic or selling fast lanes to customers willing to pay a premium. 

In December the FCC voted to repeal net neutrality rules in a ruling it said would free up internet service providers to provide the best experience to customers. The decision was widely criticized by tech leaders including Google (GOOGL) and Facebook (FB) .

Steve Wynn Accused of Rape, Sexual Misconduct in Police Reports

CBS News has obtained police reports containing allegations that former Wynn Resorts (WYNN) CEO Steve Wynn raped a woman who then birthed his child. The reports also feature allegations of sexual wrongdoing against another woman. 

One woman claimed she had a consensual sexual relationship with Wynn, but that she felt coerced to perform sexual acts with him due to her position as a card dealer at one of his casinos. She alleged that she was later accused of stealing $40 and forced to resign shortly after turning his sexual advances down. 

"There seems to be a consistent theme that he pressured women who worked for him to have sex with him," said attorney Lisa Bloom who represents one of Wynn's other alleged victims.

Wynn stepped down from his position at Wynn earlier this year following a report from the Wall Street Journal detailing multiple allegations of sexual misconduct against the casino magnate.

(An earlier version of this item incorrectly quoted CBS as saying the police reports that alleged wrongdoing came from "multiple" women, and that one person claimed she was fired after refusing Wynn's advances. Rather, CBS said the reports came from two women, and that one alleged she was accused of theft and forced to resign.)

U.S. Q4 GDP Growth Revised Down to 2.5%

The U.S. economy grew at a slightly slower pace than previously reported after the Commerce Department said that gross domestic product grew 2.5% in the fourth quarter, down from its previous estimate of 2.6% growth.

Economists polled by the Wall Street Journal were expecting an increase of 2.5%. 2017's fourth-quarter growth was ahead of the 1.8% expansion in 2016. 

Pizza Hut is the New Pizza of the NFL

Yum Brands' (YUM) Pizza Hut franchise is the new official sponsor of the NFL after rival Papa John's (PZZA) announced that it was ending its relationship with the sports league Tuesday. 

"With a focus on family, friends and fun, Pizza Hut has the creativity we are looking for in a partner and we look forward to working together with them to make the at-home NFL experience more exciting than ever for our fans," NFL Commissioner Roger Goodell said Wednesday.

The split came after a tumultuous season for both the league and Papa John's following widespread protests across the league that involved players kneeling during the national anthem.

"While the NFL remains an important channel for us, we have determined that there are better ways to reach and activate this audience," Papa John's Chief Executive Steve Ritchie.

Amazon Expands Footprint in Boston

Amazon (AMZN) announced plans to hire at least 2,000 employees and rent a large new office space in the Seaport District of Boston. 

If the project is finalized the company would operate a 1 million square foot office space in the city and employ thousands, Boston Mayor Martin Walsh said. 

The company is seeking $5 million in property tax breaks for the project. 

The expansion is not the company's much-talked-about HQ2 project. Over a dozen cities are still in the running to be the home of Amazon's first headquarters outside of its native Seattle. 

Dick's Sporting Goods Is Getting Out of the Assault-Style Rifle Business

Dick's Sporting Goods (DKS) CEO Edward Stack appeared on ABC's "Good Morning America" Wednesday to let the nation know that his company will no longer sell assault-style rifles in the wake of the high school shooting in Parkland, FL that left 17 people dead. 

The company will also no longer sell high-capacity magazines and will no longer sell firearms to anyone under 21 years old. 

In 2012, Dick's temporarily banned assault-style rifles from its stores following another school shooting in Newtown, CT. Those weapons never made their way back to Dick's stores, but the company did sell them through their Field and Stream subsidiary. The new ban affects all of the company's stores. 

Papa Johns Ends Partnership With the NFL

Papa John's International (PZZA) is no longer the official pizza of the NFL, the company and league announced Tuesday. 

The split comes after a tumultuous season for both the league and Papa John's following widespread protests across the league that involved players kneeling during the national anthem.

"While the NFL remains an important channel for us, we have determined that there are better ways to reach and activate this audience," Papa John's Chief Executive Steve Ritchie. Former CEO and company founder John Schnatter stepped down from the company following comments that seemed to side against the players sparked a social media backlash against the company that sent its stock price tumbling. 

Papa John's started its partnership with the NFL in 2010.


Markets were looking to bounce back from a dismal Tuesday of trading following new Federal Reserve Chairman Jerome Powell's first speech before Congress. All three major indices dropped more than 1% following the new central bank head's comments.

Dow and Nasdaq futures were basically unchanged, indicating that markets would open near their closing levels Tuesday. S&P futures were declining 0.05%. 

World markets were reacting negatively to Tuesday's session in the U.S. with the Nikkei dropping 1.44%, the Hang Seng declined 1.36% and the Shanghai Composite fell 0.99%. 

In Europe, the CAC 40 fell 0.47%, the Dax declined 0.33% and the FTSE 100 fell 0.08% with about four hours left in trading. 

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