Stocks were lower Wednesday as continued worries over the U.S. banking sector and anticipation of another key inflation report weighed on market sentiment. The Dow Jones Industrial Average lost nearly 200 points, while the S&P 500 and Nasdaq Composite dropped 0.7% and 1.2%, respectively.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
With July's inflation report set for release Thursday morning, market participants grew more concerned over the health of the U.S. economy in the wake of Moody's downgrade of midsize U.S. banks on Tuesday. Inflationary pressures and the status of the banking sector will both be part of the Federal Reserve's decision on interest rates.
Wall Street has slipped lower so far this month, with the Nasdaq losing more than 4% and slipping into negative territory for the third-quarter following Wednesday's decline. The S&P 500 and Dow are also down 2.6% and 1.2%, respectively, for August.
Making headlines during Wednesday's session, Disney's
"With ESPN you're talking about a brand that everybody in the world knows about," PENN CEO Jay Snowden said on the company's earnings call on Wednesday. "It's not an old brand, It's not a young brand it's an everything brands. There's a lot of affinity for that brand. And so we think that's going to be extremely complementary to what we've built over the course of last three years."
Sports-betting competitor DraftKings
WeWork
Still, WeWork's interim CEO David Tolley offered an optimistic tone to investors following its $349 million loss during the quarter.
"The company's transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs," Tolley told investors.
Lyft
Roblox
Looking ahead, market participants will digest earnings from Disney