Dow Jones Industrial Average Loses 158 Points On Tumbling Oil Prices

How Did the Stock Market Do Today?

Dow Jones: 17,729.68; -158.67; -0.89%

S&P 500: 2,079.51; -23.12; -1.10%

Nasdaq: 5,123.22; -33.08; -0.64%

The Dow Jones Industrial Average today (Wednesday) fell more than 158 points after U.S. Federal Reserve Chairwoman Janet Yellen bolstered the case for an interest rate hike in December but said the event would still rely on data to justify the central bank’s decision. Oil prices slumped further on already bad news that the U.S. manufacturing sector is weakening. The Fed’s Beige Book suggested evidence of a sector-wide contraction was not an aberration.

The Nasdaq turned downward in the afternoon, despite some solid performances from a number of its biggest companies. Shares of Amazon.com Inc. (Nasdaq: AMZN) and Netflix Inc. (Nasdaq: NFLX) both hit new intraday records. Meanwhile, shares of Microsoft Corp. (Nasdaq: MSFT) and Alphabet Inc. (Nasdaq: GOOG,GOOGL) fell 0.02% and 0.8% on the day.

Top Stock Market News Today

Stock Market News: All 10 S&P sectors were negative, with energy stocks and utilities stocks hit the hardest. Oil prices cratered below $40 for the first time since August as a struggling U.S. manufacturing sector and a bearish EIA supply report weighed on trader sentiment. January WTI prices fell 4.6% to hit $39.94 per barrel. Meanwhile, Brent oil crude – priced in London – slipped 4.4% to hit $42.49. High-volume stocks Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) fell 2.8% and 2.3% on the day, respectively, and were the biggest drags on the Dow Jones Industrial Average, which slipped back into negative territory for the year. Shares of Kinder Morgan Inc. (NYSE: KMI) cratered 7.8%. Here’s everything you need to know about today’s slump in oil prices.

On Tap Tomorrow: On Thursday, investors will listen to speeches from three members of the Federal Reserve, including chairwoman Janet Yellen. Investors will also react to the weekly jobless claims released by the U.S. Labor Department ahead of Friday’s critical November unemployment report. Companies set to report quarterly earnings tomorrow include Ulta Salon, Cosmetics & Fragrance Inc. (Nasdaq: ULTA), Ambarella Inc. (Nasdaq: AMBA), Kroger Co. (NYSE: KR), American Eagle Outfitters (NYSE: AEO), Barnes & Noble Inc. (NYSE: BKS), Dollar General Corp. (NYSE: DG), and Medtronic Plc. (NYSE: MDT).