Stocks moved lower on Wednesday for a second day, pulling back further from record levels, while traders digested a fresh batch of earnings.

The S&P 500 traded 0.5% lower, while the Dow Jones Industrial Average lost 51 points, or 0.1%. The Nasdaq Composite shed 0.8%.

AGQ up 11%; Bilibili up 5%; Intel and Alibaba up 3%; Trip.com down 17%; WFC down 4%

Equity futures remained lower, even after delayed producer price index and retail sales data for November came in solid.

Wall Street posted a losing session on Tuesday, led by a nearly 400-point decline in the Dow. Financials were the worst-performing group. Shares of JPMorgan Chase tumbled more than 4% after fourth-quarter investment banking fees appeared to disappoint. Goldman Sachs and Bank of America fell in sympathy.

Trump’s attacks on Federal Reserve Chair Jerome Powell also continued on Tuesday amid growing worries over the central bank’s independence as the Justice Department conducts a criminal investigation into the Fed’s leader.

Stock prices may be starting to reflect the potential impact of Trump’s demands, according to Paul Meeks, head of technology research at Freedom Capital Markets. “This is a hangover from the threat to Fed Chair Powell and bank earnings, which are being hit by companies talking about capping credit rates at 10% ... It’s just unnecessary anxiety,” he said.

Meeks, a veteran tech analyst, added that Tuesday’s drawdown will likely bring in “some good buying opportunities” ahead of upcoming announcements from hyperscalers about their 2026 guidance and artificial intelligence capital expenditure plans.