Stocks Traded Slightly Lower, Dragged by Disney Results

U.S. stocks traded slightly lower in the early trading on Wednesday, dragged down by Walt Disney’s disappointing results, while investors turned cautious after President Donald Trump fired his FBI chief. The Dow Jones Industrial Average lately fell 47.67 points, or 0.23%, to 20,928.11. The S&P 500 slid 1.36 points, or 0.06%, to 2,395.56. The Nasdaq Composite was off 5.54 points points, or 0.09%, to 6,115.04.

Oil futures got some respite from the sellers on Wednesday after an industry group said U.S. crude supplies fell by nearly 6 million barrels last week. Light, sweet crude futures for delivery in June rose 44 cents, or 1%, to $46.32 a barrel. July Brent crude was higher by 41 cents, or 0.8% to $49.14 a barrel.

U.S. import prices increased more than expected in April amid rising costs for petroleum products and a range of other goods, which could help boost domestic inflation. The Labor Department said on Wednesday that import prices jumped 0.5 percent last month after an upwardly revised 0.1 percent gain in March. Import prices have now increased for five straight months.

Nvidia Corp (NVDA) reported a better-than-expected 48.4 percent jump in quarterly revenue, helped by strong demand for its chips that are used by major cloud computing providers in data centers.The company’s net income more than doubled to $507 million, or 79 cents per share, in the quarter ended April 30. Nvidia’s revenue jumped to $1.94 billion from $1.31 billion.

JPMorgan Chase (JPM) said Wednesday that it’s expanding on an existing investment into Detroit’s recovery, pledging to invest a total of $150 million into the once-bankrupt city by 2019.

Yelp said Tuesday it saw a wave of local advertiser departures in January and February. The online-reviews site again lowered its full year outlook. It expects revenue in the range of $850 million to $865 million for the full year.