Most of the major averages turned higher and erased Wednesday’s opening losses as bargain-hunting in the banking and industrial sectors lifted the S&P 500 back into positive territory. The Dow Jones Industrial Average, however, was struggling to trade above Tuesday’s close as a significant sell-off in Nike (NKE) continued to weigh on the blue-chip index.
Shares of the sportswear apparel maker were down more than 6% after missing Q3 revenue expectations. Along with a warning from Sears Holdings (SHLD), the retail sector has been underperforming among the eleven S&P 500 sectors.
Stocks were lower at Wednesday’s open, extending Tuesday’s losses as investors became increasingly worried that a failure by the GOP to pass the American Healthcare Act on Thursday would jeopardize President Trump’s plans to lower taxes, reduce regulations and increase infrastructure spending.