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Overnight Markets: Wall Street finishes lower in volatile trade

Technology shares fell 1.4%, with Apple down 2.1%, while energy dropped 1.7% as oil prices slumped.

Overnight Markets: Wall Street finishes lower in volatile trade

US stocks finished lower on Wednesday after an early surge, capping two days of volatile trading following a rout that began on Friday.

The Dow Jones Industrial Average declined 19 points, or 0.08%, to 24,893, the S&P 500 lost 13 points, or 0.50%, to 2,682 and the Nasdaq Composite dropped 64 points, or 0.9%, to 7,052.

While yesterday’s trading lacked the wild swings of the prior two sessions, the Dow industrials moved in a roughly 500-point range, more than three times the average daily swing over the past year.

The market’s move south came amid a spike in the 10-year Treasury yield after the US Senate reached a two-year bipartisan budget deal that would increase fiscal spending by $300 billion on the back of a big increase in military spending.

Technology shares fell 1.4%, with Apple (AAPL.O) down 2.1%, while energy dropped 1.7% as oil prices slumped. Gains for the industrials and financials sectors supported the market.

Wynn Resorts (WYNN.O) climbed 8.6% after casino mogul Steve Wynn resigned as the chief executive following sexual misconduct allegations.

Snapchat owner Snap (SNAP.N) soared 47.6% after it reported surging growth in users and revenue in its latest quarter.

Walt Disney Co.’s stock reversed early gains to drop 1.3% after the entertainment giant reported stronger-than-anticipated earnings late Tuesday.

Chipotle Mexican Grill Inc. tumbled 11% even as the burrito chain’s profit topped forecasts and revenue met expectations.

Shares in Tesla Inc. rose 3.3% as the maker of electric cars is scheduled to post earnings after the bell.

Media company Tronc Inc. jumped 19% after announcing its sale of the Los Angeles Times and the San Diego Union-Tribune for $500 million to businessman Patrick Soon-Shiong.

Shares in Hasbro Inc. rallied 8.8% after the toy maker beat fourth-quarter profit expectations but missed on revenue.

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