New York (AP) – U.S. stock indexes are falling Wednesday morning, as Wall Street’s tumultuous month continues to churn.
The S&P 500 was 0.6% lower after giving up an earlier gain, the latest erratic trading for a market dominated by several sudden turns of momentum recently. The Dow Jones Industrial Average fell 59 points, or 0.2%, to 27,228, as of 11:36 a.m. Eastern time, and the Nasdaq composite was down 1%.
This week alone, a Monday swoon brought the S&P 500 near the edge of a 10% drop from its record high set on Sept. 2. It rebounded the following day to snap its first four-day slide since stocks were selling off in February, though momentum has been quick to shift even by the hour.
Nike jumped 9.8% for one of the biggest gains in the S&P 500 after it reported much stronger profit than analysts expected.
Johnson & Johnson rose 1% as it begins a huge final study to try to prove if a single dose COVID-19 vaccine can protect against the virus. A handful of other vaccines are already in final-stage studies, and investors increasingly expect one to be available within the first three months of 2021. The hope is that it can help the economy get close to normal again and allow strong growth to resume.