U.S. stocks fell for a second straight session on Wednesday, as the broader market averages declined 0.4% to 0.5% across the board. Telecom and technology names led the way lower, while consumer staples bucked the market trend. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note added 4.5 basis points to its yield, which now stands at 2.23%. The U.S. dollar index also fell 1% on the session.
Fed Chair Janet Yellen spooked some traders when she said at a conference today that stock valuations are "quite high." That said, we put some cash to work in both model portfolios. We added to two existing positions in Stocks Under $10 and added the second new name, in as many days, to the Dividend Stock Advisor.
Despite the market selloff, Synageva BioPharma (GEVA) was the big winner of the session, gaining 112%. Alexion Pharmaceuticals (ALXN) offered to buy the biotech firm for $8.4 billion of cash and stock. Alexion shares fell 8% on the session.
In after-hours action, Keurig Green Mountain (GMCR) is trading 13% lower, after management cut guidance. Whole Foods (WFM) is down 11%, after quarterly sales fell short of expectations. On the other hand, Qorvo (QRVO) and TripAdvisor (TRIP) are trading 9% and 6% higher, respectively, after posting their own quarterly reports.
Looking ahead to Thursday morning, Alibaba (BABA), Molson Coors (TAP) and Priceline Group (PCLN) headline the earnings calendar. On the economic front, expectations are for the initial jobless claims to increase to 278,000, before the opening bell.