Dow Snaps 5-Dat Win Streak

U.S. stocks fell on Wednesday, with the Dow Jones Industrial Average snapping a five-day winning streak and retreating from the record level reached on Tuesday. The Dow Jones Industrial Average dropped 102.04 points, or 0.60%, to 16,843.88. The S&P 500 was down 6.90 points, or 0.35%, to 1,943.89. The Nasdaq Composite shed 6.06 points, or 0.14%, to 4,331.93.

The U.S. government recorded a budget deficit of $130 billion in May, the Treasury Department said Wednesday, which is 6% lower than in the same month last year. For the fiscal year to date, the federal government’s deficit is $436 billion, 30% lower than the same period in fiscal 2013.

J.P. Morgan Chase & Co. could face pay cuts and job reductions in its investment bank, due in part to revenue pressures and relatively slow trading conditions, the firm’s chief financial officer said Wednesday.

The U.S. Department of Agriculture raised its forecast for corn production this year, which could push prices down roughly 20% by year end, an economist at Capital Economics said on Wednesday.