The main US equity markets were all in the red on Wednesday afternoon, with broad-based declines on the Standard & Poor’s 500 while nearly all of the blue chips on the Dow Jones Industrial Average were weaker.
After getting a slight uptick at the open, the indexes turned lower, with real estate falling about 1% to lead declines among the S&P’s sectors. Materials lost 0.9% while financials, information technology and industrials and energy were all about 0.7% weaker. A 0.3% slip in telecommunication services stocks was the smallest retreat among the groups.
On the Dow, Caterpillar (CAT) was the biggest lower, falling 1.2%, while Goldman Sachs (GS) and Travelers Companies (TRV) managed 0.2% gains and Visa (V) was slightly above water as the lone advancers.
In company news, Kate Spade (KATE) surged 15% after the Wall Street Journal reported that the company might be looking to put itself up for sale. Coach (COH), which the newspaper identified as a potential buyer, rose 1.4%