U.S. stocks close lower on Wednesday

U.S. stocks ended lower on Wednesday, with Dell Technologies leading the decline after a disappointing earnings report, putting pressure on the broader tech sector.

The Dow Jones Industrial Average fell 138.25 points, or 0.31 percent, to 44,722.06. The S and P 500 sank 22.89 points, or 0.38 percent, to 5,998.74. The Nasdaq Composite Index shed 115.10 points, or 0.60 percent, to 19,060.48.

Dell's earnings report revealed weak third-quarter revenue and a downbeat fourth-quarter outlook, sending its stock tumbling more than 12 percent on Wednesday.

Other major tech stocks also saw losses, with Nvidia, Microsoft, and Tesla all down more than one percent.

Broader market sentiment was further dampened by a slowdown in U.S. GDP growth, which registered 2.8 percent, down from the previous quarter's three percent.

However, U.S.-listed shares of Chinese companies fared better, with the Nasdaq Golden Dragon China Index rising 2.82 percent.

Data released by the U.S. Department of Commerce on Wednesday showed that the Personal Consumption Expenditures (PCE) price index rose by 2.3 percent year on year in October, while the core PCE, the Federal Reserve's preferred inflation gauge, increased by 2.8 percent, in line with expectations but higher than September's 2.7 percent, suggesting that progress in curbing inflation has slowed.

The data did not dampen expectations for a rate cut by the Fed in December. According to the CME FedWatch Tool, the market is pricing in a 66.5 percent probability of a 25-basis point cut to the fed-funds rate on Dec 18.

Looking ahead to the holiday shopping season, the retail sector is gearing up for Black Friday, with the National Retail Federation forecasting a 2.5 percent to 3.5 percent year-on-year increase in sales for November and December, a slowdown from last year's 3.9 percent growth.

On the commodities front, oil prices settled mixed on Wednesday, with West Texas Intermediate for January delivery falling 5 cents, or 0.07 percent to 68.72 U.S. dollars a barrel on the New York Mercantile Exchange while the Brent crude for January delivery gaining 2 cents, or 0.03 percent, to 72.83 dollars a barrel on the London ICE Futures Exchange.

President-elect Donald Trump pledged on Monday to impose a 25 percent tariff on imports from Canada and Mexico.

Daan Struyven, head of global commodities research at Goldman Sachs, warned that the tariff could significantly impact the U.S. oil market, potentially squeezing profit margins for U.S. refineries dependent on Canadian crude and leading to higher consumer prices.

In Europe, the stock markets showed mixed results, with the United Kingdom posting gains while France and Germany experienced losses.

U.S. stocks close lower on Wednesday

U.S. stocks close lower on Wednesday

Heavy winter rains and rising tides have worsened the plight of displaced Palestinians in the war-ravaged Gaza Strip, with families on the beach west of Khan Younis in southern Gaza losing their homes to the floodwaters and struggling to find shelter and basic necessities.

Umm Ahmed, a displaced resident, recounted how rising waves nearly drowned her children and destroyed their tent and belongings, leaving her family without shelter.

"Our children (girls) were covered by water. Our tent is destroyed. Everything is gone. We are here by the sea, the tent fell on us. The waves rose and the water rushed in. Our neighbors took our children to their tents in higher places. Since the morning, my son and I have been taking all our belongings out of the tent. There are no clothes left for the children, no bedding, no clothes. There is no place for us. We had moved to the beach. Where do we go now? May God punish Israelis for what they did to us. They tortured us, we can't sleep. We can't even settle. We have no food nor drink. The prices are very high. Our children go to sleep hungry. [We can only say:] Thank God for everything," she said.

Jamil Dhahir, another displaced resident, lamented the dire conditions where his family, separated when fleeing the waves, is now struggling with illness, lack of sleep and uncertainty about where to go next.

"They told us to move to this 'safe area', and as you can see, we were all harmed. Where do we go? We were in the camp east of Khan Younis before and later moved here. Where shall we go next? Our children and women are all sick. We haven't slept since yesterday. We fled the waves at night and the children went with their mothers to another camp to the east of here, while I stayed here," he said.

In a social media post on Monday, the U.N. Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said the recent rains have already caused immense hardship for Gazans, with a half million people at risk of flooding.

"The situation will only get worse with every drop of rain, every bomb, every strike," the agency said.

According to a statement released Wednesday by Gaza-based health authorities, the Palestinian death toll from the ongoing Israeli attacks in Gaza had risen to 44,282, with 104,880 injured.

Winter rains compound suffering for displaced Palestinians in war-torn Gaza