Here Are 3 Hot Things to Know About Stocks Right Now

  • Qualcomm (QCOM - Get Report) tumbled Wednesday after a federal judge ruled in favor of the Federal Trade Commission in a long-running antitrust dispute over patents and licensing.
  • The Dow Jones Industrial Average ended down on a report the U.S. could blacklist more Chinese companies.
  • Target (TGT - Get Report)  climbed after the retailer posted stronger-than-expected first-quarter earnings and reaffirm its full-year guidance.

Wall Street Overview

Stocks finished down Wednesday on a report the White House could blacklist more Chinese companies and as Wall Street digested the release of the Federal Reserve's minutes from its meeting earlier in May.

The Dow Jones Industrial Average fell 101 points, or 0.39%, to 25,777, the S&P 500 fell 0.28%, and the tech-heavy Nasdaq declined 0.45%.

The New York Times reported the White House was prepared to target Hangzhou Hikvision Digital Technology and Zhejiang Dahua Technology for the so-called Entities List as it tightens the screws on Beijing in an effort to force concessions on trade.

In economic news, the Federal Reserve released the minutes of its May 1-3 meeting Wednesday. The Federal Open Market Committee opted not to change the central bank's benchmark interest rate at the meeting, citing a lack of inflation pressure.

"The language is vague enough that market watchers are likely going to hear what they want to hear, but a sober analysis is that we won't see any rate cuts soon," said Mike Loewengart, vice president of investment strategy at E*Trade. "The Fed notes we enjoy low inflation and a strong jobs market, which is exactly where they like to be if they want to stay on the sidelines and not take any action."

Loewengart added that "there is zero language about deflation or a waning economy, which typically portend a rate cut." 

"Yes, they note GDP has moderated but moderate growth is a far cry from contraction," he said. "It's also telling that there are still Fed Presidents who are seeking a rate increase. So, again if we read the tea leaves it seems clear rates will be staying right where they are barring any major shift in the economy."

Stocks had rebounded on Tuesday after the U.S. Commerce Department moved to ease restrictions on the ability of China's Huawei Technologies to do business with U.S. companies.

Treasury Secretary Steven Mnuchin told the House Financial Services Committee Wednesday that United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports, Reuters reported. Mnuchin also said Trump and Chinese President Xi Jinping "will likely see each other at the end of June."

 After talks between the world's two biggest economies ended without an agreement earlier this month, President Trump raised tariffs on $200 billion in Chinese imports to 25% from 10%. China retaliated three days later, announcing new tariffs on $60 billion of American exports.

Boeing (BA - Get Report)  fell $5.97, or 1.7%, to $352.78, while Apple lost  $3.82, or 2%, to end at $182.78, helping to pull the Dow lower.

Qualcomm  (QCOM - Get Report)  led the Nasdaq lower as shares tumbled 10.9% to $69.31 after a federal judge ruled in favor of the U.S. Federal Trade Commission in a long-running antitrust dispute over patents and licensing.

The Department of Justice's antitrust division recommended that the agency sue to block T-Mobile's (TMUS - Get Report) proposed $26 billion acquisition of Sprint (S - Get Report) , according to Reuters. T-Mobile shares were 1% to $76.35, while Sprint was off 7.6% to $6.67.

Lowe's  (LOW - Get Report) fell after missing Wall Street's first-quarter earnings expectations, and trimming its full-year outlook as rising costs hit profit margins. Shares fell 11.8% to $97.95.

Target (TGT - Get Report) shares climbed after the company posted stronger-than-expected first quarter earnings and reaffirmed its full-year guidance. Shares rose 7.8% to $77.54.

Nordstrom (JWN - Get Report) declined 9.3% to $34.35 after the retailer posted first-quarter earnings and sales below Wall Street estimates, and lowered its fiscal-year forecast.

Urban Outfitters (URBN - Get Report) shares sank nearly 10% to $24.34 after the fashion retailer said it would launch a women's apparel rental service that analysts think will cut into its second quarter earnings.