Wall Street stocks dropped Wednesday. The Dow Jones industrial average fell 1 percent to 13,344.97. The Standard & Poor's 500 index lost 0.6 percent to 1,432.56. The Nasdaq composite index dropped 0.4 percent to 3,051.78.
The U.S. quarterly earnings season is expected to be the weakest in three years. Analysts project that companies in the S&P 500 will collectively report third-quarter earnings that are 1 percent lower compared with the same quarter of last year.
Chevron, the second-largest U.S. oil company, has warned that slumping oil prices and production would cause earnings to be "substantially lower."
Benchmark crude for November delivery was up 26 cents to $91.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.14 to finish at $91.25 per barrel on the Nymex on Wednesday.In currencies, the euro fell to $1.2848 from $1.2897 late Wednesday in New York. The dollar fell to 78.09 yen from 78.19 yen.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts