Stocks traded lower Wednesday after rising at the open as investors may be getting used to the idea of an interest rate hike in December. Shares of Macy's (M) - Get Report were tumbling after the retailer reported disappointing sales.
The S&P 500 was down 0.12%, Dow Jones Industrial Average fell 0.18%, and Nasdaq slipped 0.03%.
The bond market will be closed Wednesday for Veterans Day and limited economic data will be released.
Mixed economic data from China Wednesday showed signs of slowing for the world's second-largest economy. Industrial production growth in China for October was 5.6%, a decline from the 5.7% reported in September. Retail sales in China rose 11%.
Anheuser Busch InBev (BUD) - Get Report finalized a $107 billion bid for SABMiller (SBMRY) . A combination of the two companies would create the largest beer company in the world. AB InBev rose over 1.25%, while SABMiller shares rose 2.08%.
Alibaba (BABA) - Get Report fell nearly 2% after reporting record profit on Singles Day, a big shopping holiday for singles. The company reported sales of $10 billion by Wednesday afternoon, beating its prior-year record.
Macy's (M) - Get Report shares fell more than 14% after the retailer saw lagging sales of winter clothing because of warmer weather and a decline in tourists visiting Macy's flagship store locations, said CEO Terry Lundgren. Third-quarter revenue was nearly $5.9 billion, down from $6.2 billion a year earlier, marking the third straight quarter that sales have decreased. The company reported adjusted earnings of 56 cents a share, down from 61 cents a year earlier.
"We are unwilling to pursue the transaction without access to detailed non-public information, and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn," said Al Walker, Anadarko CEO, in a statement.
J.C. Penney (JCP) - Get Report shares fell 3% despite the company reaching an agreement to settle a class-action lawsuit over false advertising, and after the retailer's third-quarter sales topped expectations.
According to the American Petroleum Institute, U.S. crude stockpiles increased 6.3 million barrels last week, which was more than expected. West Texas Intermediate crude oil was lower on Wednesday, down 1.61% to $43.50 a barrel.