U.S. market indexes were lower on Wednesday. For the day the Dow Jones Industrial Average closed at 18481.48 for a loss of -65.82 points or -0.35 percent. The S&P 500 was also lower, closing at 2175.44 for a loss of -11.46 points or -0.52 percent. The Nasdaq Composite closed lower at 5217.69 for a loss of -42.38 points or -0.81 percent. The VIX Volatility Index was higher for the day at 13.77 for a gain of 1.39 points or 11.23 percent.

Wednesday’s Market Movers

Economic reports affecting the market on Wednesday included the Mortgage Bankers Association’s Mortgage Applications report, the FHFA House Price Index, Existing Home Sales and the EIA Petroleum Status report. The Mortgage Applications report showed mortgage applications down 2.1 percent from the previous week. The FHFA House Price Index showed home prices up 0.2 percent for the month and 5.6 percent for the year. Existing home sales were slightly lower for the month at 5.39 million SAAR down from 5.570 million SAAR. The EIA Petroleum Status report showed oil inventories up 2.5 million barrels and oil prices were lower for the day.

Healthcare stocks led losses for the day as pharmaceutical drug pricing was scrutinized. In the Dow Jones Industrial Average, the following healthcare stocks were lower for the day:

Losses (percent)
UnitedHealth Group Inc -1.51
Merck & Co Inc  -1.34
Pfizer Inc              -0.77
Johnson & Johnson         -0.61

Technology was also lower Wednesday. The Nasdaq Composite closed lower at 5217.69 for a loss of -42.38 points or -0.81 percent. The Nasdaq 100 was also lower at 4783.49 for a loss of -34.99 points or -0.73 percent. Stocks leading losses in the technology sector included the following:

Losses (percent)
Endo International PLC  -6.64
Mylan NV            -5.41
Biomarin Pharmaceutical Inc       -4.32

In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -1.46 points or -1.14 percent. The dollar gained for the day as the U.S. Dollar Index was up 0.25 points or 0.26 percent to 94.78.

Small-Cap Stocks

In small-caps, the Russell 2000 Index was lower at 1237.25 for a loss of -11.33 points or -0.91 percent. The S&P 600 Small-Cap Index was lower at 751.55 for a loss of -4.59 points or -0.61 percent. The Dow Jones Small-Cap Growth TSM Index was lower at 7539.81 for a loss of -80.23 points or -1.05 percent. The Dow Jones Small-Cap Value TSM Index was lower at 8741.12 for a loss of -54.74 points or -0.62 percent.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1560.90 for a loss of -10.36 points or -0.66 percent; the S&P 100 Index at 961.46 for a loss of -3.93 points or -0.41 percent; the Russell 3000 Index at                 1286.31 for a loss of -7.51 points or -0.58 percent; the Russell 1000 Index at 1205.12 for a loss of -6.71 points or -0.55 percent; and the Dow Jones U.S. Select Dividend Index at 617.89 for a loss of -2.70 points or -0.44 percent.