Stocks were mostly lower in afternoon trading Wednesday but have been fluctuating between gains and losses amid declining oil prices and losses for retail stocks.
The S&P 500 was down 0.12%, Dow Jones Industrial Average fell 0.14%, and the Nasdaq fell 0.02%.
Macy's (M) - Get Report shares fell close to 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.
J.C. Penney (JCP) - Get Report shares fell almost 2% despite the company reaching an agreement to settle a class-action lawsuit in California over false advertising. This comes after the retailer's third-quarter same-store sales increased 6.4%, marking its best quarter since the first quarter of 2014.
Kohl's (KSS) - Get Report slumped 4.85% as the market anticipates disappointing fiscal third-quarter earnings from the retailer on Thursday. Analysts estimated a year-over-year decline in earnings per share, but a slight increase in revenue.
Oil giant Exxon Mobil's (XOM) - Get Report shares declined nearly 1% in midday trading while Chevron (CVX) - Get Report fell more than 1%, and Marathon Oil (MRO) - Get Report took a 8.23% hit as lower oil prices pressured the sector.
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 fell 2.71% on Wednesday to $43.01 a barrel.
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 3%, while SABMiller shares rose over 2%.
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.
"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and based on our analysis, which shows that Apache appears to trade at or near full value currently, the offer was withdrawn," said Al Walker, Anadarko CEO, in a statement.
The bond market is closed Wednesday for Veterans Day and limited economic data will be released.