(By Salman - iStockAnalyst Writer) US stocks dropped on Wednesday as the Chicago PMI fell 3.9 points to 46.1 in September, well below the consensus estimate of 52.0.
The Dow Jones Industrial Average dropped 29.92 points or 0.31% to finish at 9,712.28. The S&P 500 fell 3.53 points or 0.33% to end at 1,057.08. The Nasdaq Composite declined 1.62 points or 0.08% to 2,122.42.
The Institute for Supply Management-Chicago said that its Purchasing-Management Index on Midwest business activity dropped to 46.1 from 50.00 in August. A reading below 50 indicates contraction in manufacturing activity.
A release by Commerce Department on Wednesday showed that U.S. real gross domestic product for the second quarter was revised to a decline of 0.7% annualized from the prior estimate of a 1.0% drop.
ADP survey on Wednesday reported that a total of 254,000 private-sector jobs were lost in September. Economists had projected a drop of 200,000 private sector jobs.
Shares of JP Morgan (NYSE:
JPM) plunged 1.06 or 2.36% to $43.82.Bank of America Corp. (NYSE: BAC) fell 24 cent or 1.40% to $16.92.
Alcoa Inc. (NYSE:
AA), the largest US aluminum maker, lost 19 cents or 1.43% to $13.12.
Shares of diversified US firm General Electric Co. (NYSE: GE) slumped 29 cents or 1.74% to $16.42.
Walt Disney (NYSE:
DIS), the largest US theme park operator, slid 48 cents or 1.72% to $27.46.
Among gainers, shares of Cisco Systems Inc. (NASDAQ:
CSCO) rose 24 cents or 1.03% to $23.54.
Shares of CIT Group (NYSE:
CIT) tumbled 99 cents or 45% to $1.21 on fears that the commercial lender may not be able to avoid bankruptcy.
Late on Tuesday, Nike Inc. (NYSE:
NKE) said that its fiscal first quarter net income climbed to $513 million, or $1.04 per share, from $510.5 million, or $1.03 per share, in year-ago quarter. Revenue dropped 12 percent to $4.8 billion from $5.4 billion a year earlier. Shares of sports apparel retailer jumped $4.61 or 7.67% to $64.70.
Micron Technology Inc.
