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Stocks came under pressure Wednesday after a report showed the economy continues to run rock solid.

The major U.S. indexes all traded lower, led by the tech-heavy Nasdaq Composite’s roughly 1.5% slide, extending losses after yesterday’s oil-driven declines.

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Roku (ROKU): The streaming platform said it would cut 10% of staff to rein in rising expenses and projected third-quarter results above earlier guidance. Roku’s shares were up 2.9% in afternoon trading.

Dominion Energy (D), Enbridge (ENB): Dominion said late Tuesday it would sell several natural gas distribution businesses to the pipeline operator for $9.4 billion.

Enbridge’s shares fell 5.5%; Dominion stock fell 1.7%.

Southwest Airlines (LUV): The carrier’s stock fell 2.8% after it said that “close-in” leisure bookings for August were toward the low-end of its expectations.

AMC Entertainment (AMC): The cinema chain’s shares fell 28% after the company said it planned to sell up to 40 million common shares. The announcement comes after AMC conducted a reverse stock split last month.

Novo Nordisk (DK:NOVO.B): The pharmaceutical giant’s stock crept higher in Danish trading, reflecting continued excitement about the company’s weight-loss drugs. Its shares are up more than 40% this year, making it Europe’s most valuable company.

Apple (AAPL): Shares fell 3.6% after The Wall Street Journal reported that China had ordered central government officials not to use iPhones and other foreign-branded devices for work or bring them into the office.

GameStop (GME) and C3.ai (AI) are among the companies reporting earnings after the closing bell. GameStop shares fell 2.5% ahead of its results.


Image: Nasdaq