Salesforce and a group of financial stocks were among the worst performing members of the Dow.

The software stock was the worst performer, down around 3%. Goldman Sachs, JPMorgan and American Express were also among the biggest laggards, with all more than 1% lower.

More than two-thirds of the 30 members traded down. Dow, Inc. was the best performing stock in the average, up nearly 1%.

The index as a whole shed around 0.6%.

— Alex Harring

UBS is worried that UPS stock will suffer from lower margins and declining shipping volume after a new labor contract.

The firm downgraded UPS stock on Wednesday following disappointing quarterly results.

“The combination of a greater than expected decline in Domestic Package volumes (-12% in June and -11% in July) and clear visibility to significant year 1 Teamster contract cost pressures (we estimate 6% – 8%) create a backdrop of pressure on UPS’s Domestic Package margin which is likely to extend through 2Q24,” analyst Thomas Wadewitz said.

CNBC Pro subscribers can read the full story here.

— Brian Evans

More than nine out of every 10 S&P 500 companies have released their quarterly financials in this corporate earnings season as of Wednesday morning. And many have been surprisingly strong.

About four-fifths on companies in the broad index that have already reported have beat average expectations of Wall Street analysts, according to data from FactSet.

While most of this earnings season is in the rearview, some big-name companies have yet to report. One example: Disney is expected after the bell.

— Alex Harring

Shares of Celsius Holdings surged more than 15% to trade near an all-time higher after reporting second-quarter results that topped Wall Street’s expectations on the top and bottom lines.

The energy drink company reported earnings of 52 cents per share on revenues of $326 million. That came in ahead of the EPS of 28 cents and $276 million in revenues expected by analysts, per Refinitiv.

Celsius did not provide any offer any forward guidance.

Jefferies is bullish on Eli Lilly thanks to the success of a recent weight-loss study that could bode well for the industry.

The firm upgraded Eli Lilly stock on Tuesday, and said the company’s own weight-loss drug Mounjaro could benefit from a recent study concerning Novo Nordisk’s drug Wegovy.

“We think NVO opens the door to broader payer adoption & potential CMS coverage for theGLP-1 class,” analyst Akash Tewari said.

CNBC Pro subscribers can read the full story here.

— Brian Evans

The three major indexes were near flat at open.

The Dow, S&P 500 and Nasdaq Composite were all within 0.1% of their flatlines shortly after 9:30 a.m. ET.

— Alex Harring

Shares of Roblox fell sharply in pre-market trading after the company’s second-quarter bookings came in below expectations. Bookings is the term video game companies use for revenue.

The company reported a loss of 46 cents per share on $781 million of bookings. Analysts surveyed by Refinitiv were expecting a loss of 45 cents per share on $785 million of bookings. Roblox’s net loss widened to $282.8 million from $176.4 million a year ago.

The stock was down 11% shortly before the opening bell.

The Nasdaq Composite‘s 0.8% drop on Tuesday was enough to pull it into negative territory for the week.

The slide pulled the index below flat on the week, more than erasing the 0.6% gain seen Monday.

While the Dow and S&P 500 also ended Tuesday lower, the losses weren’t large enough to outweigh Monday’s advances. The Dow and S&P 500 were still up 0.7% and 0.5%, respectively, on the week.

— Alex Harring

These are some of the companies making headlines before the bell on Wednesday:

• WeWork — The stock plunged 25.7% after WeWork said in an SEC filing that there’s doubt about the company’s ability to keep operating amid by weaker-than-expected membership rates. WeWork warned of measures such as a potential bankruptcy or restructuring or refinancing its debt. Its share price, which was below $1 since early this year, dropped to $0.05 in premarket trading.
• Carvana — Online used-car retailer Carvana added 7.4% before the bell. Carvana expects adjusted EBITDA for the third quarter to be above $75 million, which is higher than its prior guidance and analysts’ expectations of $46.4 million, according to StreetAccount. The company, which announced a debt restructuring agreement in July, has seen its stock price soar more than 850% so far this year buoyed by short sellers rushing to cover their bets.
• Lyft — Shares lost almost 6% premarket after the ride-hailing company announced its second-quarter earnings. Lyft posted revenue of $1.02 billion, in line analyst estimates, according to Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating estimates of a loss of 1 cent per share.

Read here to see the full list.

— Pia Singh

Analysts on Wall Street think electric vehicle maker Rivian still has a prolonged path toward profitability.

The company reported a smaller-than-expected quarterly loss and raised its forecast for full-year vehicle deliveries on Tuesday.

“RIVN is working through bottlenecks with operating leverage and lower write-downs,” Morgan Stanley’s Adam Jonas said. “Investors will focus on bolstering the $10bn cash pile and exploring the scope for more strategic tie-ups.”

CNBC Pro subscribers can read the full story here.

— Brian Evans

Wendy’s slipped more than 2.2% in premarket trading after the fast-food chain reported worse-than-expected revenue in the second quarter.

The company saw $561.6 million in the quarter, while analysts polled by FactSet anticipated $566.2 million. But the company beat forecasts on earnings per share by 1 cent with 28 cents earned, excluding items.

— Alex Harring

Adam Crisafulli of Vital Knowledge said the stock market is “stuck in a purgatory zone, with valuation constraints blocking a sustained close above 4600 in the near-term while favorable macro news flow (goldilocks data, the end of near end of rate hikes, decent earnings) prevents a sharp break through ~4400.”

He added that declines below 4,450 “should be purchased, while rallies above 4550 are to be faded, but the sideways pattern (that’s been in place for a few weeks) will likely persist for a bit.”

— Fred Imbert, Michael Bloom

China’s consumer price index fell for the first time in over two years, posting a 0.3% year-on-year drop in July, but rose 0.2% month-on-month.

Economists polled by Reuters expected July CPI to drop 0.4% compared to a year ago.

Producer price index slumped 4.4% year-on-year, more than the Reuters poll of 4.1%. That’s compared to a 5.4% decline in June.

The offshore yuan strengthened slightly against the greenback after the announcement, trading at 7.2257.

— Lim Hui Jie, Evelyn Cheng

Shares of Japanese optics and imaging manufacturer Nikon tumbled as much as 17% on Wednesday, and was the biggest loser on the Nikkei 225.

The company posted a 78.3% year-on-year plunge in net profit for its first quarter, at 2.58 billion yen ($18 million) in the three months ended June.

Operating profit plunged 78.6% to 3.29 billion yen, while first quarter revenue increased to 158.15 billion yen, an 8.6% increase year-on-year.

The unemployment rate in South Korea climbed to 2.7% in July, up from 2.6% the previous month, but down 0.2 percentage points compared to the same period last year.

Government data showed the number of unemployed persons stood at 807,000 thousand people in July, a 3.5% drop year-on-year.

South Korea’s employment to population ratio was at 63.2% in July, up 0.3% percentage points year-on-year.

— Lim Hui Jie

Lyft shares dropped about 7% in extended trading Tuesday after the release of the ride-hailing company’s latest quarterly results.

The stock initially jumped 14% after Lyft posted second-quarter earnings results that beat analysts’ estimates, citing strong ride sharing demand. It posted adjusted per-share earnings of 16 cents, which far exceeded the per-share loss of 1 cent anticipated by analysts polled by Refinitiv. Meanwhile, Lyft’s second-quarter revenue of $1.02 billion came in line with estimates.

However, Lyft shares turned lower after the company’s fourth-quarter outlook seemed weaker than anticipated, according to a rough calculation from CNBC’s Robert Hum. Fourth-quarter revenue growth expectations showed low- to mid-single digit increases. Meanwhile, the rough fourth-quarter earnings margin came in line to slightly lower.

What’s more, while the company cited strong demand for rides, the revenue per active rider declined 5% as Lyft used price cuts to drive demand.

— Sarah Min, Robert Hum

Check out the companies making headlines after hours.

• Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. The decline comes even after the electric automaker beat second-quarter expectations on the top and bottom lines. Rivian reported an adjusted loss of $1.08 per share on revenue of $1.12 billion. Analysts polled by Refinitiv had expected a loss per share of $1.41 on revenue of $1.0 billion.
• Penn Entertainment — Penn Entertainment surged 22% after the entertainment and casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
• Lyft — Lyft shares were 6% lower in extended trading after initially popping more than 12% following the release of the ride-hailing company’s second-quarter results. Lyft posted revenue of $1.02 billion, in line with the estimate from analysts polled by Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.

Read the full list here.

— Sarah Min

U.S. stock futures were little changed Tuesday night.

Dow Jones Industrial Average futures fell by 23 points, or 0.06%. S&P 500 futures dipped 0.03%, while Nasdaq 100 futures gained 0.01%.

— Sarah Min