U.S. stocks gave back earlier gains on Wednesday, as the broader market averages ended mixed. The Dow Jones Industrial Average and S&P 500 ticked lower on the session, while the Nasdaq Composite moved fractionally higher. Investors reacted negatively to the April retail sales report, which fell short of expectations, prompting economists to cut second-quarter GDP growth expectations.
Utility and consumer discretionary names fell, while technology stocks rallied. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note gained 3.1 basis points, to 2.28%. The U.S. dollar index lost 85 basis points.
ResMed (RMD) was the big loser on the session, falling 15%. The company reported an increased occurrence of death in a clinical trial for its sleep device. On the other hand, Williams (WMB) gained 6% on heavy volume. The company is acquiring the 40% of its master limited partnership, Williams Partners (WPZ), it doesn't already own. The move mimics a similar strategy taken by Kinder Morgan (KMI) last year.
In after-hours action, Shake Shack (SHAK) is trading 8% higher after management posted a surprise quarterly profit.
Looking ahead to Thursday morning, Kohl's (KSS) headlines the earnings calendar. On the economic front, we'll get a look at producer prices and the weekly initial jobless claims before the opening bell.