The Dow Jones Industrial Average closed 360.42 points lower at 51,503.27, recording a decline of 0.69% in the session.

Session performance

The index ended the trading day in negative territory, with the closing level and point loss reflecting broad-based pressure across the benchmark.

U.S. equities traded lower on Wednesday, with the Dow Jones Industrial Average falling approximately 100 points to close at 51,764.17. The decline occurred despite General Mills Inc (NYSE: GIS) reporting better-than-expected first-quarter results that exceeded analyst consensus estimates for both earnings and revenue.

The broader market weakness saw the NASDAQ dip 0.29% to 27,164.38, while the S&P 500 slipped 0.15% to 7,752.70. Sector performance was mixed, with energy shares rising 0.9%, contrasting with a 1% drop in utilities stocks.

General Mills exceeds expectations

General Mills reported quarterly earnings of 75 cents per share, surpassing the analyst consensus estimate of 72 cents per share. Quarterly sales reached $4.390 billion, beating the consensus forecast of $4.351 billion.

Market movers and sector trends

Several small-cap stocks experienced significant volatility. Beneficient (NASDAQ: BENF) shares rose 407% to $2.73 following an announcement to eliminate HCLP debt and Heppner Equity Interests. Wheeler Real Estate Investment Trust Inc (NASDAQ: WHLR) surged 237% to $6.30 after announcing a 1-for-9 reverse stock split. Professional Diversity Network Inc (NASDAQ: IPDN) gained 67% to $6.53.

Conversely, Jaguar Health Inc (NASDAQ: JAGX) fell 51% to $16.93, retracing part of its previous day's 1,190% jump linked to FDA fee waiver news for Mytesi. Adagio Medical Holdings Inc (NASDAQ: ADGM) dropped 38% to $0.30 after initiating a strategic review to explore alternatives for shareholder value. IM Cannabis Corp (NASDAQ: IMCC) declined 34% to $2.73 after announcing a $1.31 million registered direct offering and a stake acquisition in Space Defense Innovations.

Global markets and commodities

European indices closed lower, with Germany’s DAX dipping 0.5% and France’s CAC 40 declining 0.3%. The eurozone’s STOXX 600 and Spain’s IBEX 35 both slipped 0.2%, while London’s FTSE 100 fell 0.1%. Asian markets were mixed, with India’s BSE Sensex gaining 0.40%, offsetting losses in Hong Kong’s Hang Seng index (-1.01%) and China’s Shanghai Composite (-0.39%).

In commodities, oil prices rose 0.8% to $91.20, while gold fell 0.9% to $4,338.90. Silver declined 1.6% to $65.480, and copper dropped 0.7% to $6.7860. Mortgage application volume decreased 1.5% in the third week of September, moderating from a 4.1% drop in the prior period.