Stocks Opened Lower amid Geopolitical Concerns

U.S. stocks opened lower on Wednesday amid weak guidance from major corporations, and escalating geopolitical concerns. The Dow Jones Industrial Average lately fell 47.47 points, or 0.18%, to 26,010.51. The S&P 500 was down 4.08 points, or 0.15%, to 2,789.82. The Nasdaq Composite declined 7.88 points, or 0.10%, to 7,541.42.

U.S. oil futures on Wednesday headed sharply higher after Saudi Arabia affirmed its commitment to reducing output, buoying crude prices. April West Texas Intermediate crude rose $1.07, or 1.9%, to trade at $56.55 a barrel, while April Brent rose 85 cents, or 1.3%, to $66.21 a barrel.

Lowe’s swung to a loss in its fourth quarter, weighed down by sizable one-time charges and a lethargic housing market.The home improvement company lost $824 million, or $1.03 per share, for the period ended Feb. 1. Revenue rose to $15.65 billion from $15.5 billion, short of Wall Street expectations.

Best Buy Co Inc gave an upbeat profit forecast for the year while reporting better-than-expected holiday-quarter sales on Wednesday. Best Buy’s domestic comparable sales rose 3 percent in the three months ended Feb. 2. Best Buy also forecast fiscal 2020 adjusted profit of $5.45 to $5.65 per share.

Declines in the three major U.S. indices Wednesday tracked broad weakness among global equities amid escalating tensions between two nuclear-armed powers in southeast Asia, adding to a growing list of geopolitical concerns investors are monitoring.

 

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