Major stock indices saw a significant drop, with the Dow Jones Industrial Average falling over 500 points. Key companies like Apple are expected to raise prices due to rising costs, while Moderna seeks FDA approval for its mRNA flu shot. Financial giants such as Bank of America and JPMorgan reached new highs, contrasting with the steep decline in oil prices and stock exchanges like Nasdaq and CME Group.
Stocks experienced significant volatility as the Dow Jones Industrial Average plummeted over 500 points. Investors are closely watching several key stories that are likely to shape the market in the upcoming trading sessions.
Apple (AAPL) is preparing to increase prices due to rising memory chip costs. While Apple shares have seen a 7% dip from their recent peak, they remain up 16% over the past three months. CNBC TV's MacKenzie Sigalos will provide further details.
Moderna is set to present its case for an mRNA flu shot to a U.S. Food and Drug Administration committee. CNBC TV's Angelica Peebles will cover the report. The biotechnology company saw its shares jump 11.6% on Wednesday, with a nearly 24% gain in the last three days and over 30% in June.
The upcoming release of weekly jobless claims will be a key economic indicator. The Dow Jones consensus estimate is 225,000 claims. Prediction markets suggest a possibility of the reading exceeding this mark, with 56% believing it will be above 225,000 and 30% anticipating it to surpass 230,000.
Kroger (KR) will announce its quarterly earnings before the market opens. The grocery giant's stock has fallen 16% in the last three months and is down 19% from its March high.
The financial sector saw a strong performance from major banks. Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley all reached new highs on Wednesday. Bank of America and JPMorgan hit all-time highs, with Bank of America up 9.5% and JPMorgan up 11.4% in June. Citigroup is at 18-year highs, up 14% in June, while Morgan Stanley is also at an all-time high, up 8% for the month.
Oil prices, including Brent and West Texas Intermediate, have fallen more than 27% in the past month, with Brent dropping below its 200-day moving average for the first time since February. The S&P Energy sector is down 14% from its late March high. Major oil companies like ExxonMobil (XOM) and Chevron are approximately 20% below their late March peaks. Morgan Brennan will report on the oil market early Thursday.
The major stock exchanges faced significant declines on Wednesday amidst speculation about the impact of prediction markets and other financial products. Nasdaq fell 6.7%, now down 18% from its January high. Intercontinental Exchange dropped 4.7%, off 29% from its August high. CME Group decreased by 3.5%, down 23% from its March high. CME Group's long-time CEO, Terrence Duffy, announced he will step down early next year. CBOE saw a decline of about 4%, currently 31% below its March 19 high.
Comcast hit lows not seen since April 2014, down 35% from its July 2025 high. Salesforce shares are at lows not observed since January 2023, down 44% from their peak last July.
