U.S. Stocks Are Mixed Ahead of Trump Press Conference; Exxon Mobil Downgraded

U.S. stocks were mixed Wednesday ahead of a closely watched press conference by President-elect Donald Trump. Trump is speaking to reporters at 11 a.m. EST. This is his first official news conference since he won the presidency on Nov. 8. Trump is expected to discuss his business dealings, Cabinet picks and reports that Russia tried to influence the election.

Exxon Mobil (XOM) - Get Report was downgraded to market perform from outperform by analysts at Wells Fargo, who said the company trades at a premium. Separately, former Exxon Mobil CEO Rex Tillerson, who is Trump's Secretary of State pick, faces a Senate confirmation hearing on Wednesday.

American Airlines (AAL) - Get Report shares were higher after the company reported December traffic figures. Traffic fell 0.8% year over year while capacity rose 0.5%.