On Wednesday Wall Street dropped in morning trading in result to losses in energy and technology shares. Oil prices declined more than 1.3 percent and pushed down the S&P 500 energy index SPNY by 0.8 percent. Five of the 11 major S&P indexes fell. Investors are directing their attention on the release of the minutes from the Federal Reserve’s September policy meeting that will display policymakers’ views on the progress of the U.S. economy and its ability to take an interest rate hike this year. The markets are likely to be more volatile as the third-quarter earnings season will test moderately high valuations of stocks.
Overall S&P 500 earnings are currently anticipated to drop 0.7 percent in the third quarter, marking the fifth consecutive quarter of negative earnings, according to data.
At 9:44 a.m. ET the Dow Jones industrial average declined 40.68 points, or 0.22 percent, at 18,087.98, the S&P 500dropped 3.22 points, or 0.15 percent, at 2,133.51 and the Nasdaq Composite, fell 14.51 points, or 0.28 percent, at 5,232.28. Declining issues outnumbered advancing ones on the NYSE by 1,568 to 1,064. On the Nasdaq, 1,373 issues dropped and 861 increased. The S&P 500 index displayed no new 52-week highs and one new lows, while the Nasdaq recorded 12 new highs and 20 new lows.