The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward pressure on the market.

The broad index lost 0.58% to 5,022.21, while the technology-heavy Nasdaq Composite slid 1.15% to 15,683.37. The Dow Jones Industrial Average fell 45.66 points, or 0.12%, to 37,753.31, despite rising nearly 238 points at its high of the day.

Wednesday marks the third straight session when stocks opened higher but faded as the day wore on. With the retreat, it was the Dow's seventh negative session of the last eight. The S&P 500 and Nasdaq Composite both notched four-day losing streaks, the longest for each since periods ending in early January.

Stocks felt pressure in afternoon trading as artificial intelligence darling Nvidia swung to losses. The megacap technology stock fell nearly 4%, joining fellow big tech names including Netflix, Meta, Apple and Microsoft in the red. Tech was the worst-performing S&P 500 sector, falling 1.7%.

Investors are "trimming some of the high fliers," said Kevin Gordon, senior investment strategist at Charles Schwab. "I think investors are really starting to catch on to the fact that there are other parts of the market that are doing well."

That overshadowed the strong start to the new earnings season. While less than 10% of S&P 500-listed companies have reported financials so far, more than 3 out of every 4 have surpassed Wall Street expectations, per FactSet.

Notably, United Airlines surged more than 17% after posting a narrower-than-expected loss and beating on revenue. On the other hand, J.B. Hunt Transport Services dropped more than 8% after missing analysts' expectations on the top and bottom lines.

Wednesday's performance comes amid a bout of weakness that has marked a reprieve from the strong gains seen in the first quarter and in 2023. The Dow has slid more than 5% in April, while the S&P 500 and Nasdaq Composite have tumbled more than 4%.

"This is a more cautionary market," said Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. "I'm more cautious right now than I have been over the past five months."

S&P 500 and Nasdaq Composite close lower for fourth straight day

The S&P 500 and Nasdaq Composite finished Wednesday lower, marking their fourth straight down day.

The broad S&P 500 slipped 0.6%, while the Nasdaq lost 1.2%. It marked the first four-day losing streaks for each since early January.

The Dow closed 0.1% lower.

— Alex Harring

Next few weeks have 'further downside risk,' BTIG says

BTIG's Jonathan Krinsky is still expecting the market to turn lower in the longer term.

"Another messy open with breadth opening very strong with ~85% upside volume, falling down to 70%. We continue to think the next few days should be higher, while the next few weeks have further downside risk," Krinsky said in a Wednesday note.

He noted that while the Nasdaq 100 broke Tuesday's low, the S&P 500 and Russell 2000 indexes did not. The CBOE Volatility Index remains in the red, he added. He is also cautious on semiconductors, noting that the VanEck Semiconductor ETF (SMH) is trying to break its 50-day moving average.

— Pia Singh

Oil falls more than 3% despite war risk: 'Peace may have come to an end, but oil continues to flow'

Crude oil futures fell more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies.

The West Texas Intermediate contract for May delivery lost $2.76, or 3.23%, to $82.60 a barrel. June Brent futures were down $2.87, or 3.19%, at $87.15 a barrel. U.S. oil and the global benchmark are down more than 3.5% for the week.

"Theories of Iran-Israel tension disrupting oil supplies have fizzled out," said Manish Raj, managing director of Velandera Energy Partners. "Peace may have come to an end, but oil continues to flow," he said.

— Spencer Kimball

7 stocks in the S&P 500 hit new 52-week lows

Amid Wednesday's wide market sell-off, seven stocks in the S&P 500 notched new 52-week lows.

These included:

• Aptiv trading at lows not seen since May 2020
• Becton Dickinson trading at lows not seen since March 2023
• Biogen trading at lows not seen since September 2022
• Gilead Sciences trading at lows not seen since October 2022
• Pfizer trading at lows not seen since February 2013
• C.H. Robinson Worldwide trading at levels not seen since April 2020
• J.B. Hunt Transport Services trading at lows not seen since October 2022

Only two stocks in the index traded at their 52-week highs. These were Charles Schwab and Veralto.

— Lisa Kailai Han, Christopher Hayes

Utilities lead the S&P 500

Utilities is the top-performing sector in the S&P 500 on Wednesday, helping to limit the market's losses.

The sector was up about 1.7% in afternoon trading, according to FactSet. The Utilities Select Sector SPDR Fund (XLU) was up nearly 1.9%.

NextEra Energy and Consolidated Edison were two of the top performers in the group, gaining almost 3% each.

— Jesse Pound

UnitedHealth and Goldman Sachs buoy Dow

UnitedHealth and Goldman Sachs have continued advancing following recent earnings reports, aiding the Dow on Wednesday.

The blue-chip average traded around flat in afternoon trading. By comparison, the broad S&P 500 lost 0.5%.

UnitedHealth and Goldman Sachs were the best performers in the Dow, adding about 2.5% and 2%, respectively. UnitedHealth reported better-than-expected earnings on Tuesday, one day after Goldman posted its sizable beats to both lines.

However, the Dow was hurt by a sell-off of around 7% in Travelers on the back of weaker-than-forecast financials in the first quarter.

— Alex Harring

S&P 500 falls below its 50-day moving average

Amid Wednesday's broader market sell-off, the S&P 500 fell below its 50-day moving average. This marks the first time the index has dropped below this metric since Nov. 1, 2023, according to a tweet from Bespoke Investment Group.

In the tweet, the firm said the index now looks oversold. Indeed, a ticker falling below this indicator can mean that its momentum has now shifted to the downside.

— Lisa Kailai Han

Fed report says economy grew 'slightly' in recent period

The U.S. economy grew "slightly" over the past six weeks while price increases moved at a "modest" pace and employment showed "slight" gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.

In its periodic account of economic conditions, the central bank noted that consumer spending "barely increases" though spending on vehicles "was buoyed notably" in some areas. The report also noted that home sales "strengthened" across most areas and characterized the economic outlook as "cautiously optimistic."

On inflation, the report said the expectation was that it would "hold steady at a slow pace." Some manufacturers expect rising costs for both input and output prices.

— Jeff Cox

Bitcoin briefly dips under $60,000 ahead of the halving

Bitcoin briefly fell below $60,000 on Wednesday for the first time since March 5, just before it reached new all-time highs, as investors awaited the fourth "halving," which is set to take place this Friday.

The cryptocurrency was last lower by more than 3%, trading at $60,439.76.

Meanwhile, shares of most mining companies, who are about to see their main revenue stream slashed by half, were little changed. Iris Energy and CleanSpark each rose about 1%, while Marathon Digital, Riot Platforms and Cipher Mining hovered over the flat line.

"Bitcoin has historically had a choppy period of price action prior to the halving," said Rennick Palley, Founding Partner at Stratos. "There are two headwinds for bitcoin in the short term, the volatile pre-halving period as well as prior time highs, which typically take two to three attempts to definitively breach."

— Tanaya Macheel

Stocks making the biggest moves midday: United Airlines, Travelers and more

Here are some of the stocks making the biggest moves during midday trading.

• United Airlines — Shares surged 14% after the airline posted a narrower-than-expected loss in the first quarter. Quarterly revenue came in at $12.54 billion, topping an LSEG estimate of $12.45 billion.
• Travelers Companies — The insurance stock fell 8% after a disappointing first-quarter report. Higher-than-expected catastrophe losses appeared to be part of the reason for an earnings miss.
• ASML — The Dutch semiconductor equipment company's U.S.-listed stock dropped nearly 8% after sales and new bookings fell short of expectations. Net sales declined about 22% year over year.

Read the full list of companies on the move here.

— Samantha Subin

United poised for best day since 2020

United shares headed for their best day in multiple years amid a post-earnings rally.

The airline climbed nearly 14% after reporting a narrower-than-expected loss and beating on revenue. If that holds through the session's close, it would be the biggest one-day advance since November 2020, when the stock jumped over 19% in a day.

— Alex Harring

S&P 500 and Nasdaq Composite head for fourth straight losing sessions

The S&P 500 and Nasdaq Composite were both tracking to end Wednesday down, marking the fourth negative trading day in a row for each. If they close the session in the red, it will mark the longest losing streak since early January for both indexes.

— Alex Harring

Stocks can rise despite higher rates, BMO's Belski says

Rising interest rates do not necessarily signal that stocks are due for a big pullback, according to BMO strategist Brian Belski.

"Our work shows that investors should not fear higher rates, despite current conventional thinking to the contrary. In fact, we found that some of the strongest periods of S&P 500 performance have coincided with rising or higher levels of interest rates over the past few decades," Belski said in a note to clients.

But even if stocks do rise along with rates, that does not mean it will be smooth sailing.

"The era of 'easy money' investing is likely behind us, and the transition to a more "normal" rate structure is likely to be challenging causing many fits and starts for market performance in the coming months as it adjusts to this reality, in our view," Belski added.

— Jesse Pound

Gold miners, steel ETFs head for first positive day in four

The VanEck Gold Miners ETF and VanEck Steel ETF headed for their first positive day in four during Wednesday's session.

The gold miner's fund was last up 2.5% and headed for its best day since April 5. Evolution Mining, Agnico Eagle and AngloGold rose about 2% each, contributing to those gains.

Last week, the fund hit a golden cross pattern when its 50-day moving average rose above its 200-day moving average. It comes as gold sits near record highs.

The VanEck Steel ETF rose 1% during Wednesday's session, led to the upside by Rio Tinto, Vale, Cleveland-Cliffs and Algoma Steel. All four stocks were last up more than 2% each.

— Samantha Subin

Dollar on pace for best week against Brazilian real since August

The U.S. dollar is up 2.8% against the Brazilian real so far this week, and is on pace for the seventh straight weekly gain.

It is also on pace for the best week since Aug. 4, 2023, when the dollar gained 2.95% against the real.

— Gina Francolla, Michelle Fox

Eli Lilly shows its weight loss drug can help patients with sleep apnea

Obesity drugmakers keep making the case that treating weight loss helps with other medical conditions. That argument was strengthened Wednesday with the release of new clinical trial data from Eli Lilly.

The company showed its tirzepatide, the active ingredient in Zepbound, can help patients with obstructive sleep apnea reduce the number of episodes of irregular breathing they experience by as much as two-thirds.

Eli Lilly shares were up nearly 3% in premarket trading, as investors bet the news will help expand use of the pricey treatment. Meanwhile, companies that make sleep apnea treatments such as CPAP devices fell. These stocks include ResMed, which was down 2.6%; Nyxoah, down 3.2%; Philips, down 2.3%; and Inspire Medical, which slipped about 1%.

Morgan Stanley analyst Terence Flynn said the data does "further bolster the case" for doctors to prescribe the treatment and insurers to cover it. He said it also provides a route for people covered by Medicare to gain access.

— Christina Cheddar Berk

United Airlines jumps on strong forecast despite Boeing problems

United Airlines shares surged after the carrier forecast stronger-than-expected earnings for the second quarter despite ongoing delivery slowdowns from Boeing.

The airline's first-quarter loss came in narrower than expected due to strong travel demand and revenue, even though it took a $200 million hit from the temporary grounding of the Boeing 737 Max 9 after a door panel blew out of one of those jets minutes into an Alaska Airlines flight in January.

Other airline stocks rallied along with United. Delta Air Lines, which reported strong travel demand drove a second-quarter forecast that topped analysts' expectations last week, was up 3%. American Airlines, which reports results on April 25, was up 5%.

Boeing shares were down slightly in morning trading. The company is the focus of two aviation safety Senate hearings on Wednesday, including one featuring a whistleblower that has alleged structural flaws on Boeing's Dreamliner planes, which the manufacturer denies and calls "inaccurate."

— Leslie Josephs

Stocks open higher

The three major averages opened higher on Wednesday.

The Dow, S&P 500 and Nasdaq Composite all traded higher by around 0.4% shortly after 9:30 a.m. ET.

— Alex Harring

Stocks making premarket moves

Here are some of the names moving before the bell.

• Eli Lilly, ResMed — Eli Lilly added 2.6% after announcing its weight loss drug Zepbound showed the potential to treat patients with obstructive sleep apnea. Shares of ResMed, which makes devices to treat the sleep-related breathing disorder, fell 2.6% on the news.
• Travelers Companies — The stock tumbled nearly 6% after the insurance company reported disappointing earnings and revenue for its first quarter. Travelers said the earnings miss was driven by an elevated level of catastrophe losses.
• Alcoa — The aluminum stock gained 3% after reports that President Joe Biden will propose tripling the China tariff rate on steel and aluminum imports on Wednesday. Alcoa is also set to report earnings after the bell.

To see more stocks making premarket moves, read the full story here.

— Michelle Fox

Iran's navy escorting the country's commercial ships to Red Sea

Iran's navy commander is escorting the country's commercial ships to the Red Sea, Commander Shahram Irani said in Google-translated comments reported by Iranian outlet Tasnim.

"We escort our ships from the Gulf of Aden to the mouth of Suez and we are ready to protect the ships of other countries as well," he said.

The comments come after Iran over the weekend delivered its first-ever direct attack against Israel off its territories. The Jewish state and its allies intercepted the majority of the missiles and drones launched as part of the attack, with Israel now weighing retaliatory measures.

Critically, the Red Sea houses the shortest trade route between Europe and Asia-Pacific, which has been disrupted in recent months by maritime attacks perpetrated by Yemen's Iran-backed Houthis.

— Ruxandra Iordache

UBS says the 10-year Treasury yield will end the year below 4%

UBS anticipates the U.S. 10-year Treasury yield will eventually fall back below 4%. The Wall Street firm said the Federal Reserve will eventually have to ease, even after Fed Chair Jerome Powell on Tuesday warned interest rates may have to stay higher for longer. The 10-year yield was last above 4.6%.

"With rate cuts delayed, rather than canceled, in our view, we still expect the yield on the 10-year US Treasury to end the year around 3.85%, down from around 4.66% at present," Solita Marcelli wrote in a Wednesday note.

"While we have recently lowered our expectations on the timing and magnitude of Fed rate cuts, we believe the US central bank remains on track to cut rates twice this year, most likely starting at its September meeting," Marcelli wrote. "This means the return outlook for quality bonds remains positive and attractive, and that recent losses in fixed income are likely to be temporary."

— Sarah Min

U.S. Bancorp slides as earnings miss forecasts

U.S. Bancorp dropped more than 3% during Wednesday premarket trading on the back of weaker-than-expected earnings for the first quarter.

The Minnesota-based bank reported 78 cents earned per share when accounting for generally accepted accounting principles, or GAAP. Analysts surveyed by FactSet had anticipated 84 cents in earnings per share.

Net revenue came in slightly better than estimated, on the other hand. U.S. Bancorp posted $6.72 billion, slightly ahead of the consensus forecast of $6.71 billion.

U.S. Bancorp is one of several regional banks reporting financials this week. CNBC Pro subscribers can click here for exclusive insights on what to expect from the group.

— Alex Harring

Travelers retreats on earnings miss

Travelers Companies shares slipped more than 2% in Wednesday's premarket after the insurance provider's first-quarter earnings underwhelmed analysts.

The Minnesota-based company reported $4.69 in earnings per share on $10.18 billion in revenue. Analysts polled by LSEG had forecast $4.90 in earnings per share on revenue of $10.51 billion.

The Dow-listed stock has climbed more than 17% in 2024.

— Alex Harring

Tesla asks shareholders to revote on Musk pay package

In a regulatory filing, Tesla asked shareholders to revote on a $56 billion compensation package for CEO Elon Musk.

"The 2018 CEO pay package required Elon to deliver transformative and unprecedented growth to earn any compensation," Tesla said in the filing. "The 2018 CEO pay package built in further incentives to benefit Tesla stockholders by requiring that Elon hold onto any shares he receives when he exercises his options for five years — which means he will continue to be driven to innovate and drive growth at Tesla because the value of his shares will depend on it."

The move comes after a Delaware court ruled the company had to rescind the pay package earlier this year. Tesla shares were up 1% in the premarket.

— Fred Imbert

Capri Holdings falls on report that FTC is prepping to block Tapestry takeover

Shares of Capri Holdings were down 3% after The New York Times' Dealbook reported the Federal Trade Commission was getting ready to block the company's $8.5 billion takeover of Tapestry, the parent company of Coach and Kate Spade.

The deal was announced in August. Tapestry shares were flat in the premarket.

— Fred Imbert

Fitch cuts Tencent and Alibaba ratings from 'stable' to 'negative'

Ratings agency Fitch cut its outlook on long-term default ratings for Chinese tech giants Alibaba and Tencent to "negative" from "stable."

The agency said the move is in line with it cutting China's outlook by the same extent on April 9. Fitch also slashed the outlook on China from "stable" to "negative," but reaffirmed its rating at "A+"

Fitch wrote that this "reflects our view that the underlying credit quality of these companies should not exceed that of the sovereign due to their predominantly domestic businesses and the level of government regulation, oversight and intervention in their sector."

The long-term default ratings on the two companies' senior debt, however, were affirmed at "A+."

Shares of Alibaba were down 1.31%, while Tencent shares slipped 0.53%.

— Lim Hui Jie

Japan exports climb more than expected in March

Exports from Japan rose 7.3% year on year in March, slowing from the 7.8% gain seen in February.

The figure however, was larger than the 7% increase expected by economists polled by Reuters.

Imports to the country fell 4.9% compared with the same period last year, a reversal from the 0.5% gain in February.

As such, Japan's trade surplus climbed to 366.5 billion yen, or $2.37 billion, compared with the 299.9 billion yen expected in the Reuters forecast.

— Lim Hui Jie

Business optimism in Japan darkens in April: Reuters Tankan index

Business optimism in Japan darkened among large firms as the weak yen weighed on households, according to the Reuters Tankan survey for April.

The sentiment index for manufacturers stood at +9, down from the previous month's +10. A positive number means optimists outnumber pessimists, and vice versa.

The services sector index fell to +25 from +32 in the previous month, despite some gains by retailers, Reuters said.

The Reuters Tankan index, released monthly, is widely considered a leading indicator of the Bank of Japan's quarterly Tankan survey.

— Lim Hui Jie

Rising margin loans are a warning sign for the market, Interactive Brokers' Thomas Peterffy says

A recent uptick in margin loans is flashing warning signs for the market, according to Thomas Peterffy, the founder and chairman of Interactive Brokers.

Compared to the year-ago quarter, margin loans, a type of financing in which investors borrow against their existing assets, rose 30% to $51.2 billion, an all-time high, the investor said on CNBC's "Closing Bell: Overtime" on Tuesday.

"Margin loans keep rising, and that's never a bullish sign," Peterffy said. "That usually foretells a market that is going to slow down, so that is what we're probably going to be seeing."

As an example, the investor pointed to the market collapse two years ago when margin loans rose to another all-time high right before the sell-off.

However, Peterffy noted that he sees the market rising over the long term as inflation and interest rates stay high.

— Lisa Kailai Han

Stocks making the biggest moves after the bell: United Airlines, Autodesk and J.B. Hunt Transport Services

These are the stocks moving the most in after-hours trading.

• United Airlines — The aircraft carrier stock gained nearly 6% after beating analysts' expectations for its first-quarter results on the back of strong travel demand. United Airlines added that it expects to post earnings of between $3.75 and $4.25 per share for its second quarter, higher than the $3.76 analysts were expecting. Shares of American Airlines were also trading 1.5% higher.
• Autodesk — The software stock slid 2.4%. Autodesk announced that it will further delay its annual 10-K filing due to an ongoing internal investigation by the company's audit committee of its board of directors.
• J.B. Hunt Transport Services — Shares fell more than 5% after the transportation and logistics company posted weaker-than-expected earnings and revenue last quarter. Earnings came out to $1.22 per share, less than the $1.52 analysts had expected. J.B. Hunt's $2.94 billion revenue also fell short of the $3.12 billion analysts had anticipated.

— Lisa Kailai Han

Stock futures open higher

Stock futures traded higher Tuesday night.

Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all traded close to 0.2% higher shortly after 6 p.m. ET.

— Lisa Kailai Han