Stocks are closing lower Wednesday, led by declines in retailers after a disappointing forecast by Walmart. The Dow Jones industrial average gave up 157 points, or 0.9%, to 16,924. The Standard & Poor's 500 lost nine points, or 0.5%, to 1,994. The Nasdaq composite declined 13 points, or 0.3%, to 4,782.
Walmart plunged 10% after the huge retailer said it expects its profit to take a hit as the company works to fend off intensifying competition. Traders were also sizing up a mixed batch of earnings. JPMorgan Chase led financial stocks lower after its earnings fell short of forecasts. Bond prices rose. The yield on the 10-year Treasury note fell to 1.98%.