ConocoPhillips (COP) slid 2.2%, Valero Energy (VLO) was down 2.1% and Devon Energy (DVO) fell 2.6%. Utilities firmed 0.6% in the strongest gain among the S&P sectors.
The mixed day came ahead of the Federal Open Market Committee’s rate decision, with the probability of a 25 basis-point reduction standing at a near certainty of more than 99% on the CME Group’s FedWatch tool into the release that’s expected at 2 pm ET.
The view comes even after data that showed the US economy grew 1.9% in the advance estimate for the third quarter, ahead of the consensus for 1.7% on Econoday.
In company news, Johnson & Johnson (JNJ) was up 2.2% in the best rise on the Dow after saying late Tuesday that five new tests from the same bottle of its baby powder previously examined by the US Food and Drug Administration found no asbestos.
Criteo (CRTO) sank 15% after offering downbeat fourth-quarter guidance and mixed results for the most recent three month period. Mattel (MAT) surged 17% after the Barbie maker reported better-than-expected third-quarter results.
Crocs (CROX) rallied 12% as the shoemaker raised its full-year sales guidance and reported stronger third-quarter results than the Street expected.
In morning trading, the Nasdaq fell 0.2%, while the S&P 500 and the Dow were both about 0.1% lower.
This post was originally published on Food and Beverage Herald