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Stocks Drift To Weak Close; Dollar Drops On Trump Comments

X Trade deteriorated across Wednesday's session, leaving indexes in a weak stance with the first quarter's earnings season set to pick up on Thursday.

The Dow Jones industrial average dipped 0.3%, leaving the index down 0.3% heading into the holiday-shortened week's final day of trade. The S&P 500 ended Wednesday with a 0.4% loss and below the 50-day moving average.

The Nasdaq lagged 0.5%, hauled lower by Tractor Supply (TSCO) and Fastenal (FAST), as well as Schnitzer Steel Industries (SCHN) and Olympic Steel (ZEUS).

Small caps took a beating, leaving the Russell 200 index down 1.4%. Small-cap Brinks (BCO) bucked the riptide, up nearly 2% in healthy trade and closing in buy range of a buy point at 55.07.

Preliminary data showed market volume ending lower across the board, but particularly on the Nasdaq.

The dollar index slid about 0.5% in afternoon trading after President Trump told the Wall Street Journal that the greenback is "getting too strong."

Steel, metals and mining groups netted four of Wednesday's five worst losses among industries, hurt by a loss of confidence in demand and political pledges, and as iron ore prices dropped hard. U.S. Steel (X) dropped 10%. Cliffs Natural Resources (CLF) tumbled nearly 8%.

Freeport-McMoRan (FCX), BHP Billiton (BHP), Rio Tinto (RIO) and Vale (VALE) fell about 5% apiece.

The resource-based selling also hit Caterpillar (CAT), which dug in more than 2% and cranked up the drag on the Dow industrials. Caterpillar is shaping a flat base and fighting to maintain support at its 10-week moving average.

Delta Air Lines (DAL) gave up an early 4% gain, settling with a loss of 0.5%. The air carrier's first-quarter earnings slipped less than expected. Revenue fell more than analysts had forecast. But the company guided the important passenger unit revenue higher for the second quarter. Delta shares are testing support at their 40-week moving average after a five-week pullback.

HP Inc. (HPQ) rose nearly 3% to lead the S&P 500. Citigroup upgraded the stock to buy from neutral. Shares are up 10% since clearing a 16.35 buy point in February and rising from support at the 10-week line.

Tractor Supply and Fastenal took home the S&P 500's two biggest losses, down about 8% each. Fastenal reported an acquisition and Q1 earnings that met expectations. Tractor Supply warned that its first-quarter results wouldn't meet analyst targets.

New issue DXC Technology (DXC) popped 2.5% to grab the No. 2 position among S&P 500 stocks. The company, formed with the union of Hewlett Packard Enterprise's (HPE) divested enterprise services businesses and Computer Sciences Corp., is up 10% since its launch on April 3.

Companies scheduled to report after the close  included Pier 1 Imports (PIR) and Infosys (INFY).

On Thursday morning, JPMorgan (JPM), Wells Fargo (WFC), PNC Financial (PNC) and Taiwan Semiconductor (TSM) are all due to release first-quarter results.

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