Dow Jones Industrial Average falls 22 points
The Dow dipped 22.82 points, or 0.08% to close at 27,001.98. The S&P 500 dipped 0.20% to 2,989.69. The Nasdaq Composite slid 0.30% to 8,124.18. The major indexes were little changed for most of the session as weak consumer data offset the impact of strong earnings.
Retail sales slump
U.S. retail sales unexpectedly dropped 0.3% in September as households cut spending on autos and online shopping, the Commerce Department said Wednesday. The weak data added to already growing concerns over the possibility of a recession. This was enough to overshadow the release of strong corporate earnings results. Bank of America and United Airlines posted solid gains on better-than-forecast profits alongside Bank of New York Mellon.
McKesson and Bank of America climb, Adobe slides
McKesson shares rose 4.83% and were among the best-performing S&P 500 components after The Wall Street Journal reported state and local officials could reach a settlement with the drug distributor. Bank of America's strong earnings boosted the bank's stock by 1.48%. Meanwhile, a downgrade pushed Adobe shares down 2.39%.
What happens next?
Earnings season continues on Thursday with Morgan Stanley, Honeywell and Taiwan Semiconductor among the companies set to report. On the data front, housing starts data for September will take center stage. Read more here.