landsberg bennettStocks finished firmly lower Wednesday. The Dow fell 137 points to 25162 while the S&P 500 lost 21 points to 2818. The Nasdaq Composite slipped 96 points to 7774.

The major averages declined as renewed geopolitical concerns pressured commodities and disappointing earnings from the Tech sector weighed on global equity markets. Turkey announced a doubling of tariffs on some U.S. imports in retaliation for American duties announced last week. On the data front, U.S. retail sales increased for the sixth-consecutive month in July. Core retail sales, which subtract auto and gas, climbed 0.6%, well above the expected 0.4% rise. Separately, U.S. worker productivity climbed to a three-year high in the second quarter.

Energy shares led losses in sympathy with NYMEX WTI crude falling 3.3% to $64.84/barrel. Oil retreated following a report that showed U.S. inventories rose the most since March 2017. Technology shares also sold off amid Tencent’s 6.6% tumble to $41.30, after the Chinese holding company revealed its quarterly profits declined for the first time in 10 years. In other earnings news, Macy’s slid 16.0% to $35.15 despite topping analyst expectations and raising full-year guidance.

Breadth was negative on issues by 3:1 on both the NYSE and the Nasdaq. Composite NYSE volume was more than 5.5 billion shares.

Treasuries strengthened with the yield on the 10-year note down three basis points to 2.86%. The metals complex declined amid soft economic updates from China. COMEX gold fell 1.2% to $1178.40/ounce as the U.S. Dollar Index traded near a 14-month high. Copper fell nearly 4%, dipping into bear market territory.