Investing.com -- U.S. stocks fell slightly on Wednesday, as the release of weak manufacturing data in Europe and China, intensified concerns of a looming global recession.
On Wednesday, Markit's euro zone composite PMI index, which factors both manufacturing activity and services, slid to 53.9 in September, down 0.4 from its reading a month earlier. It came hours after reports showed that the Flash China Caixin Manufacturing Purchasing Index, a preliminary gauge of Chinese factory activity, fell to 47.0 in September, marking its lowest level in 78 months. The regression in Chinese manufacturing activity in September represents the seventh straight month of monthly declines.
The Dow Jones Industrial Average and the S&P 500 Composite index posted mild losses to close down for the fourth time in five sessions. Both indices are on pace for their worst 3-month period during the third quarter since 2011. The NASDAQ Composite index also fell slightly on Wednesday, in spite of solid gains from Apple Inc (NASDAQ:AAPL). The Dow lost 50.58 or 0.31% to close at 16,279.89, while the NASDAQ dropped 3.98 or 0.08% to end Wednesday's session at 4,752.74.
The S&P 500, meanwhile, fell 3.98 or 0.20% to 1,938.76, as seven of 10 sectors closed in the red. Stocks in the Basic Materials, Energy and Industrial sectors lagged, while stocks in the Utilities, Technology and Financial industries led.
The top performer on the Dow was Pfizer Inc (NYSE:PFE), which added 0.40 or 1.24% to 32.66, after the New York-based pharmaceutical giant announced it will launch 20 clinical trials later this year in an effort to gain a foothold in the cancer drug market. The worst performer was Caterpillar (NYSE:CAT), which fell 1.37 or 1.91% to 70.31. Shares in Caterpillar are down by nearly 30% over the last year.
The biggest gainer on the NASDAQ was Costco Wholesale Corporation (NASDAQ:COST), which rose 2.85 or 2.00% to 145.50, ahead of the release of its fourth-quarter earnings later next week. The wholesaler's adjusted earnings per share have gained approximately 15% over its first three quarters of the fiscal year. The worst performer was Wynn Resorts Limited (NASDAQ:WYNN), which fell 3.57 or 5.58% to 60.36, as a Boston judge considers a lawsuit that could block the construction of the company's proposed $1.7 billion casino in a nearby suburb.
The top performer on the S&P 500 was San Antonio-based refiner Tesoro Corporation (NYSE:TSO), which jumped 4.43 or 4.69% to close at 98.79. While the U.S. Energy Information Administration (EIA) said U.S. crude stockpiles fell sharply last week by nearly 2 million barrels, it also reported an unexpected build in motor gasoline inventories. The worst performer was CONSOL Energy Inc (NYSE:CNX), which dipped 1.01 or 8.38% to 11.04. After surging above $47 a barrel to reach near weekly-highs on Wednesday, November crude futures closed down by nearly 4%.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,815 to 1,273 margin.