The broader U.S. stock market averages closed 0.8% to 0.95% lower across the board on Wednesday. Energy and materials names led the way lower on the session, while utility stocks bucked the market trend.
The yield on the benchmark 10-year U.S. Treasury note fell seven basis points to 2.122%. The U.S. dollar index (DXY) also dropped 0.7% and crude oil moved nearly 5% lower. On the other hand, CBOE S&P 500 volatility index gained more than 10%, to 15.27.
Rayonier Advanced (RYAM) was the big loser on Wednesday, falling 44%. The company said its largest customer, Eastman Chemical (EMN), disputed the terms of a supply contract. Canadian Solar (CSIQ) lost 18% on the prospect of a lower earnings outlook. In after-hours action, NetApp (NTAP) is up nearly 7% after posting better-than-expected quarterly results.
Looking ahead to Thursday morning, Sears (SHLD), Tech Data (TECD) and Toro (TTC) headline the earnings calendar. On the economic front, weekly initial jobless claims are expected to tick lower, toward 271,000.
David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.
