US stocks drifted lower again on Wednesday, easing major indexes a bit further below the all-time highs they set at the beginning of the week.
- The S&P 500 fell 18.95 points, or 0.3%, to 6,637.97.
- The Dow Jones Industrial Average fell 171.50 points, or 0.4%, to 46,121.28.
- The Nasdaq composite fell 75.62 points, or 0.3%, to 22,497.86.
Micron Technology fell 2.8% to give back some of its huge gain for the year even though it reported better profit and revenue for the latest quarter than analysts expected. The maker of computer memory also gave a forecast for profit in the current quarter that blew past analysts' expectations. Typically, such a performance would send a stock higher. But Micron's stock came into the day with an atypical, stunning gain of 97.7% for the year so far, the
AP reports.
Freeport-McMoRan sank 17% for one of the market's larger losses after the miner said it expects sales of copper to be 4% lower in the third quarter than it had earlier forecast. It also said sales of gold will likely be roughly 6% lower than earlier expected.
On the winning side of Wall Street was Lithium Americas. It soared 97.9% following reports that the US government is considering taking an ownership stake in the Canadian company, which is developing a lithium project in Nevada with General Motors. Lithium Americas, based in Vancouver, said it's in talks with the US Department of Energy and GM about drawing on a previously announced $2.26 billion loan from the government. The Energy Department is making "incremental requests" to add more conditions before Lithium Americas can make its first draw, among other things, the company said. Under President Trump, the US government has already taken a 10% ownership stake in Intel.
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Homebuilders also rose after a report said US sales of new homes were stronger in August than economists had forecast and unexpectedly accelerated. Lennar climbed 2%, PulteGroup rose 0.7%, and DR Horton also added 0.7%.
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