President Trump's thinly veiled threat to send missiles in Syria did not play well on Wall Street Wednesday as stocks snapped their winning streak in the third session of the week.
The Dow Jones Industrial Average fell 0.9%, or 219 points to 24,189, while the Nasdaq dropped 0.36%, or 25 points to 7,069, and the S&P 500 declined 0.55%, or 15 points to 2,642.
Tesla Reportedly to Debut Model Y SUV Next Year
Tesla (TSLA) will begin production of its Model Y SUV in November 2019, sources told Reuters Wednesday.
The company has begun accepting preliminary supplier bids from contractors to build the vehicle, which is expected to be a compact crossover companion to the Model 3 Sedan.
Tesla expects to sell about 250,000 Model 3s this year.
Sears Auctions Off 16 Stores Online
Struggling department store chain Sears (SHLD) is auctioning off 16 of its stores online using the real estate services of Cushman & Wakefield and Real Insight Marketplace.
The firms say that about 200 groups have expressed interest with interested parties ranging from developers, retailers and real estate investment funds.
15 of the stores for sale are attached to malls and are being marketed a sale and lease-back deals for interested parties.
Long Blockchain to Be Delisted by Nasdaq
Beverage maker Long Blockchain (LBCC) , which changed its name to cash in on the crypto craze, is being delisted from the Nasdaq because its market value has fallen below the exchange's $35 million minimum requirement.
Earlier in the day, the company declined 42$, placing its market cap about $13 million. The company was valued at nearly $70 billion when it changed its name in December and said that it was pivoting its focus to blockchain while a subsidiary continued to sell tea.
The company, formerly known as Long Island Iced Tea Corp., was down nearly 30% to $1.25 in afternoon trading Wednesday.
Facebook Shares Drop During Zuckerberg Testimony
Facebook (FB) shares were down more than 1% at one point during CEO Mark Zuckerberg's testimony on Capitol Hill, but the stock bounced back to par losses down to 0.3% around 11:10 AM EST.
Zuckerberg was testifying before lawmakers in response to the revelation that a political entity illegally accessed data from 87 million users. Shares rose sharply in trading Tuesday afternoon during the first half of Zuckerberg's testimony, but investors are seemingly feeling differently during Wednesday's testimony.
Consumer Price Index Falls For First Time in 10 Months
The Consumer Price Index fell in March for the first time in 10 months as falling gas prices weighed on consumer prices.
The Labor Department said that the CPI fell 0.1% last month, the largest and first drop since May 2017. Excluding volatile food and energy components, the CPI climbed 0.2% in the month, in line with February's rise.
Gasoline prices fell nearly 5% in the month.
Jack Ma Pens Op-Ed in Opposition to Trade War
Alibaba Group Holding Ltd (BABA) CEO Jack Ma has seen enough saber-rattling from the U.S. and China and wants to avoid a trade war, according to an Op-Ed published in The Wall Street Journal Wednesday.
Ma defended China's trade imbalance with the U.S., one of President Trump's main sticking points for issuing tariffs on Chinese imports, saying that market forces of comparative advantage explain the U.S. deficit.
The CEO says that the dollars earned from China's trade surplus have been recycled to finance American borrowing, which helps keep interest rates low.
"If we encounter trade barriers, we will have to work harder. While we may face setbacks in the current protectionist environment, I remain confident and look forward to the next 20 years.," Ma said.
Bank of America Will Stop Financing Military-Style Gun Makers
Executives at Bank of America (BAC) announced that they will no longer lend money to gun manufacturers who make military-inspired firearms for civilian use as the corporate backlash against gun makers continues.
Bank of America joins Citigroup (C) , which last month said that it would require business customers to restrict certain types of firearm sales.
Anne M. Finucane, spokesperson for the bank said that Bank of America has been in "intense conversations over the last few months" with the handful of manufacturers it works with. She also said that the companies reactions have been "mixed."
U.S. futures were declining Wednesday after a strong day of trading Tuesday. The Dow has been moving on heavy volume for the last four weeks with triple-digit moves in either direction in 18 of the past 22 sessions.
Dow futures were down 1%, indicating an open 242 points later, while Nasdaq futures were falling 1.03%, indicating an open 68 points lower, and S&P futures were down 1%, indicating an open 1% lower.
World markets were mixed. In Asia, the Nikkei was the lone major index to decline, falling 0.49% while the Shanghai Composite and Hang Seng both rose 0.55%.
Markets in Europe were falling across the board, led by the DAX in Germany.