U.S. stocks fell in choppy trading on Wednesday after a three-day losing streak on Wall Street sent the major averages on pace for a monthly decline.
The S&P 500, the Dow Jones Industrial Average and the tech-heavy Nasdaq Composite were each down 0.3 percent at 11:07 a.m. ET after rising earlier in the session. A choppy run for stocks in recent weeks erased much of the summer’s relief rally, with the S&P 500 officially wiping out half of its rally since mid-June.
Shares of Bed Bath & Beyond ( BBBY ) fell nearly 22% in early trading Wednesday after the home goods retailer announced in an expected strategic briefing that it would lay off staff and close about 150 stores as part of a turnaround effort . difficult business. The company also said it secured more than $500 million in new funding.
The announcement came shortly after Bed Bath & Beyond said in a regulatory filing that it may offer, issue and sell shares of its common stock from time to time and may use any proceeds from potential stock sales to repay short-term debt, among other things purposes. .
In other markets, social media giant Snap ( SNAP ) came under fire after confirming reports that the company will lay off 20% of its workforce of more than 6,400 employees and halt or reduce investment in some projects as part of a wider restructuring effort. Shares were up 6% on Wednesday morning.
“The scale of these changes varies from team to team, depending on the level of prioritization and investment required to execute against our strategic priorities,” said CEO Evan Spiegel. “The extent of this reduction should significantly reduce the risk we have to do it again, while balancing our desire to invest in our long-term future and re-accelerate our revenue growth.”
Shares of Chewy ( CHWY ) fell more than 8% after the pet retailer reported second-quarter sales that missed Wall Street estimates and cut its full-year forecast, citing the impact of inflationary pressures on commodity markets for pets.
Shares in Hong Kong-listed electric vehicle maker BYD ( BYDDY ) sank 8% in early trading after Warren Buffett’s Berkshire Hathaway trimmed its stake in the Chinese company. The move came a month after reports Berkshire was set to divest its entire stake in the auto industry sent the stock tumbling.
According to a filing on Tuesday, the investor cut his position in Hong Kong-listed BYD shares to 19.92% from 20.04% on Aug. 24 – about 1.33 million shares at an average of $277.10 .HK ($35.30) a piece, worth about $47 million.
In energy markets, West Texas Intermediate crude fell nearly 3% to $88.92 a barrel, while Brent crude futures fell about 3.3% to $96.06 a barrel.
The drop in oil prices comes “as traders assess the dark clouds over the global economy and the expectation of weaker demand,” Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said in a note on Wednesday morning.
On the economic data front, ADP reported with new methodology on Wednesday that private payrolls rose 132,000 in August, a big miss from the 300,000 gain economists polled by Bloomberg had expected. ADP resumed reporting private payrolls after a temporary pause in June and July to revamp how it compiles the data for the release.
ADP’s monthly private jobs report comes two days before the Labor Department releases official employment data. The government’s jobs report due out at 8:30 am. ET on Friday morning is expected to show that nonfarm payrolls rose by 300,000 in August, according to Bloomberg data.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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