The Dow Jones Industrial Average was able to come up off of session lows, rallying more than 200 points to close the day in positive territory while the Nasdaq narrowly extended its losing streak to five days.
The Dow rose 0.24%, or 59 points to 24,082, while the S&P 500 gained 0.18%, or 5 points to 2,639, and the Nasdaq fell 0.05%, or 4 points to 7,004.
U.s. Investigating Huawei Over Iran Sanction Violations
The U.S. is widening its scrutiny of Chinese tech companies suspected of violating sanctions against Iran, opening an investigation into handset maker Huawei, sources told the Wall Street Journal.
A Justice Department investigation would follow up U.S. actions against Huawei Chinese rival ZTE over national security concerns.
Here's How Some Tech ETS Are Fairing Amid Tech Selloff Wednesday
Here are 5 technology ETFs that have had a positive month of trading in spite of the headwinds, but were caught up in Wednesday's selloff.
SPDR S&P Technology Hardware ETF (XTH) - was down 2.35% Wednesday after rising 2.9% over the past four weeks, according to Nasdaq.
iShares Edge MSCI Multifactor Tech ETF (TCHF) - was down 4.34% Wednesday after rising 3.3% over the past four weeks, according to Nasdaq.
SPDR Kensho Future Security ETF (XKFS) - was down 1.95% Wednesday after rising 3.4% over the past four weeks, according to Nasdaq.
First Trust NASDAQ Cybersecurity ETF (CIBR) - was down 0.74% Wednesday after rising 3.8% over the past four weeks, according to Nasdaq.
ETFMG Prime Cyber Security ETF (HACK) - was down 1.37% Wednesday after rising 5.4% over the past four weeks.
Tim Cook to Meet With Trump to Talk Trade
Apple (AAPL) CEO Tim Cook will meet with President Donald Trump to discuss trade in a meeting closed to the press, according to an official schedule released by the White House.
The meeting is set for 1:45 PM ET.
Looking forward to my meeting with Tim Cook of Apple. We will be talking about many things, including how the U.S. has been treated unfairly for many years, by many countries, on trade.— Donald J. Trump (@realDonaldTrump) April 25, 2018
Nasdaq Considers Becoming Crypto Exchange
The Nasdaq is considering becoming a cryptocurrency exchange in the future, according to CEO Adena Friedman.
"Certainly Nasdaq would consider becoming a crypto exchange over time," Friedman told CNBC Wednesday. "If we do look at it and say 'it's time, people are ready for a more regulated market,' for something that provides a fair experience for investors."
"I believe that digital currencies will continue to persist it's just a matter of how long it will take for that space to mature," Friedman said. "Once you look at it and say, 'do we want to provide a regulated market for this?' Certainly Nasdaq would consider it."
Treasury Yields Top 3%, Stocks extend losses Wednesday
The benchmark 10-year U.S. Treasury note yield crossed the 3% threshold, weighing on markets that have struggled to make positive movements this week.
The Dow Jones Industrial Average was down 0.04%, while the S&P 500 fell 0.21%. The Nasdaq was the lone major index to maintain its slim gains Wednesday, rising 0.2%.
The yield crossed 3% for the first time since early 2014. Higher government bond yields typically mean higher borrowing costs for consumers and companies. Higher yields also make bonds an attractive investment for people who might otherwise consider investing in the stock market.
Audi Recalls 1.2 Million Vehicles Over Fire Safety Issue
Audi is recalling 1.2 million cars and SUVs due to a faulty electric coolant pump that has the potential to overheat and start a fire.
All of the vehicles recalled -- the A4 (2013 to 2016), A5 (2013 to 2017), A6 (2012 to 2015), and Q5 SUV (2013 to 2016). -- are equipped with a 2-liter turbocharged engine.
Audi recalled those same vehicles last year in order to do a software update.
Comcast Puts in $31 Billion Bid for Sky
The bid tops Fox's bid for the broadcaster by 2%. Fox already own a 39% stake in Sky.
Comcast previously tried to purchase assets from Fox in December, but the company rejected its bid, which was 16% higher, and instead chose to sell the assets to Disney (DIS) .
CFPB Could End Public Access to Consumer Complaints
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, seems to think he works for bankers instead of American consumers after telling the crowd at a banking industry conference that he is considering ending public access to consumer complaints because the information had not been vetted by government officials.
"I don't see anything in here that says I have to run a Yelp for financial services sponsored by the federal government," Mulvaney said to the American Bankers Association conference crowd, which applauded the comments, according to the Wall Street Journal.
Mulvaney went on to say that "Yes, this is a different bureau than it was under our predecessors. That is the nature of the business and elections do have consequences."
It is unclear in what capacity Mulvaney will serve the banking industry once his time as a public servant is over.
Former Paypal CEO Calls Bitcoin a Scam
"It's a colossal pump and dump scheme, the likes of which the world has never seen... the losers are all ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters," Harris wrote.
Harris then refuted that the bitcoin is a means of payment because it isn't widely accepted, and said that cryptocurrencies, in general, are only good for one thing.
"Cryptocurrency is best-suited for one use: Criminal activity," Harris said.
U.S. futures were indicating a soft open for markets Wednesday, one session after the Dow dropped more than 400 points after starting the day off in positive territory.
Dow futures were falling 0.14%, indicating an open 34 points lower, while Nasdaq futures declined 0.54%, indicating an open 35 points lower, and S&P futures declined 0.46%, indicating an open 12 points lower.
World markets were also falling Wednesday with the Hang Seng in Hong Kong falling 1.01%, the Shanghai Composite dropping 0.35% and the Nikkei falling 0.28%.
In Europe, the DAX in Germany was leading the way lower, falling 1.65%, while the CAC 40 declined 0.85% and the FTSE 100 declined 0.73% with about 4 hours left in trading.