Stocks Ended Mixed, Oil Futures Settled Lower

U.S. stocks closed mixed on Wednesday, as investors weighed plans for the reopening of the economy against the latest batch of earnings and other data. The Dow Jones Industrial Average fell 218.45 points, or 0.91%, to 23,664.64. The S&P 500 shed 20.02 points, or 0.70%, to 2,848.42. The Nasdaq Composite climbed 45.27 points, or 0.51%, to 8,854.39.

Crude-oil futures settled lower Wednesday, pressured by concerns over tightening oil-storage capacity even though weekly crude inventories rose less than expected and domestic production declined. West Texas Intermediate crude for June delivery lost 57 cents, or 2.3%, to settle at $23.99 a barrel. July Brent crude declined by $1.25, or 4%, at $29.72 a barrel.

Lyft reported its Q1 2020 earnings after the bell on Wednesday, posting 23% year-over-year revenue growth. Revenue came to $955 million versus $829.6 million expected. Losses per share was $1.31 versus $0.64 expected.

Payment processor Paypal Holdings Inc reported an 87.4% slump in first-quarter profit on Wednesday. Net income fell to $84 million, or 7 cents per share, in the first quarter ended March 31, from $667 million, or 56 cents per share, a year earlier.