U.S. stocks are falling as investors await inflation report for July
Investing.com — U.S. stocks wobbled were falling on Wednesday as more corporate earnings rolled out. Entertainment giant Walt Disney is expected to report after the closing bell.
By 11:17 ET (15:17 GMT), the Dow Jones Industrial Average was down 102 points or 0.3, while the S&P 500 was down 0.5% and the NASDAQ Composite was down 1.2%.
The benchmark Wall Street indices recorded a down day on Tuesday, pressured by losses in the banking sector after Moody’s rating agency cut its rating of 10 midsized lenders, citing concerns over sluggish deposits, elevated funding costs, and risks to commercial real estate assets.
The blue-chip Dow Jones Industrial Average fell just over 150 points or 0.5%, the tech-heavy Nasdaq Composite slumped 0.8%, and the broad-based S&P 500 dropped 0.4%.
The quarterly corporate earnings season remains in focus, with quarterly results from Walt Disney (NYSE:DIS) the day’s highlight, scheduled to be released after the close.
The media conglomerate is expected to face tough questions over recent box office failures, while its TV division, which once financed high-profile mergers, has struggled to entice lucrative advertisers, and its streaming unit is not projected to make a profit until next year.
Penn Entertainment (NASDAQ:PENN) stock rose over 8% after the online bettor signed a $2 billion deal with ESPN sports network, with Penn rebranding its U.S. sports betting portals, currently known as Barstool Sportsbook, as ESPN Bet.
Amazon (NASDAQ:AMZN) dipped almost 2% following a Reuters report that the online e-commerce giant is in negotiations over joining a number of other technology firms as an anchor investor in Softbank-owned chip designer Arm's planned initial public offering.
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