U.S. stocks traded lower at midday Wednesday as investors considered mixed corporate results and weak economic data. Wal-Mart briefly plunged more than 9 percent, pulling the Dow industrials below the psychologically key level of 17,000 for the first time since October 8. The world's biggest retailer said earlier Wednesday it expects sales to be flat in fiscal-year 2016. Wal-Mart shares hit a three-month low and erased more than $21 billion in market capitalization, and the stock was on pace for its worst day in 15 years. Bank of America and Wells Fargo-the second-biggest and fourth-biggest U.S. banks, respectively-reported profit that beat expectations. In U.S. economic news, retail sales barely rose in September due to cheaper gasoline, producer prices posted their biggest drop in eight months, and August business inventories were flat while sales fell. The U.S. dollar fell versus other major currencies. West Texas Intermediate (WTI) oil futures fell about 0.8 percent to near $46.25 a barrel in early-afternoon trade on the New York Mercantile Exchange. Gold futures rose more than $11 to nearly $1,177 an ounce in late-morning trade. The Dow Jones industrial average fell 0.6 percent in early-afternoon trade, with Wal-Mart by far the biggest of 20 decliners on the 30-component index.
