4:12pm: Tech stocks struggle
The Nasdaq led Wall Street lower on Wednesday, closing down 1% at 23,471 points as investors reacted to mixed bank earnings and geopolitical developments. The S&P was down 0.5% at 6,926 points and the Dow Jones slipped 0.1% to 49,149 points.
3:30pm: Proactive news headlines
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has secured its first order for clean ultra-high purity (UHP) hydrogen from a customer based in New York State, marking its initial entry into the US market.
- Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) announced that it has appointed Dr Cormac O’Laoire as strategic advisor, adding expertise in lithium-ion battery materials and supply chains as the company advances its lithium development plans.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) announced that it has entered into agreements to acquire 10 mineral concessions adjacent to its Cerro Caliche gold project in Sonora, Mexico, expanding the footprint of the development-stage asset.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) announced that KraftyLab is expanding its operations with the launch of in-person corporate engagement experiences across the United States alongside a technology upgrade aimed at automating its platform and supporting global growth.
2.32pm: Market movers
- Citigroup Inc (NYSE:C) shares fell more than 3% on Tuesday after the bank reported fourth quarter 2025 revenue that fell short of expectations, weighed down by lower non-interest income and a $1.2 billion pre-tax loss from its planned exit from Russia.
- Wells Fargo & Co (NYSE:WFC, XETRA:NWT) shares fell 4.5% in early trade after the bank reported mixed fourth quarter 2025 results that disappointed investors on several key metrics.
- Bank of America Corp (NYSE:BAC) shares fell 4.5% as disappointing guidance overshadowed better-than-expected fourth quarter financial results.
- Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) shares fell on Wednesday after what was described as a disappointing period.
12:45pm: Silver at all-time high
While stocks came under pressure amid geopolitical tensions, silver surged to an all-time high above $90 per ounce on Wednesday.
“President Trump pledged to Iranian protestors that help is on its way. This comment, combined with ongoing expectations of Fed easing, sent safe-haven gold and silver to new record highs,” noted City Index senior market analyst Fiona Cincotta.
“Silver has rallied 30% over the past 9 days, benefiting from safe-haven demand, expectations of monetary policy, and supportive industrial supply-and-demand factors."
11:06am: Stocks under pressure
US stocks continued to slide on Wednesday morning as investors weighed up mixed bank earnings and economic data that supports current expectations for Federal Reserve rate cuts.
“Weakness in major lenders weighed on sentiment despite some earnings beats,” IG senior technical analyst Axel Rudolph said. “Producer inflation edged higher on energy costs and retail sales surprised to the upside, while sector performance diverged, with technology lagging and energy outperforming on firmer oil prices.”
Crypto moved higher, adding more than 35 to trade just shy of $97,000. “Regulatory optimism around proposed US crypto legislation helped drive gains in Bitcoin and other digital assets, which managed to break through key technical resistance zones,” Rudolph said.
9:42am: Nasdaq leads decline
US stocks continued to move lower on Wednesday as investors eyed bank earnings, a potential ruling from the Supreme Court on US tariffs, and geopolitical developments, including possible US military action in Iran.
The Nasdaq was down 0.8% at 23,522 points, the S&P 500 was down 0.5% at 6,930 points, and the Dow Jones fell 0.2% at 49,118 points.
Meanwhile, retail sales for November were better than expected at 0.6%, following a revised 0.1% decline in October, according to the Commerce Department. The report was delayed by the 43-day US government shutdown.
Following the report, Wells Fargo analysts wrote that, despite some downward revisions to prior data, they see consumer spending carrying into the fourth quarter. “That said, watch out for a comparatively soft December as previewed in both our Holiday Sales outlook and in high-frequency data,” they wrote.
7:04am: Ahead of the bell
US stock futures edged lower on Wednesday as investors braced for another round of big bank earnings and fresh inflation data, with an added layer of uncertainty from a pending US Supreme Court decision on tariffs.
Futures on the Nasdaq 100 fell about 0.6%, while the S&P 500 and Dow were pointed down 0.4% and 0.3%, respectively, extending a pullback in financial stocks that nudged Wall Street off recent record highs.
Attention is firmly on earnings from Bank of America, Wells Fargo and Citigroup, due before the opening bell. The mood was dampened by a softer reaction to results from JPMorgan Chase, despite profit growth across the sector. Investors remain wary that elevated asset prices, sticky inflation and geopolitical risks could yet unsettle markets.
Macro data is also in focus. Producer price inflation for November is due later, following a benign consumer inflation print that reinforced expectations the Federal Reserve will keep rates unchanged in January. Retail sales figures will offer another read on the health of the US consumer.
Elsewhere, gold and silver pushed to fresh record highs as expectations of future rate cuts, geopolitical tensions and renewed pressure on the Fed supported precious metals.
Markets are also watching the Supreme Court, which may rule on a challenge to presidential tariff powers. The timing and outcome remain unclear, adding to near-term uncertainty.