US stocks were lower on Wednesday, with both the S&P 500 and the Nasdaq falling 0.5% and the Dow Jones losing more than 300 points, extending losses from the previous session.
Investor sentiment weakened amid growing concerns over the US fiscal outlook, with lawmakers discussing President Trump's tax-and-spending bill that will likely increase the budget deficits by nearly $3 billion over a decade.
Frustration is also mounting over the lack of progress in trade negotiations. Consumer discretionary was by far the worst performing sector while communication services manged to stay in the green. Meanwhile, earnings season continued, with Lowe's shares falling about 1.3% although the company beat profit expectations and reaffirmed its full-year guidance.
Target sank more than 6%, as it missed earnings estimates and lowered its outlook for the year. UnitedHealth also plunged almost 7% after the Guardian reported the company secretly paid nursing homes to reduce hospital transfers.
Source: Trading Economics
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