NEW YORK (AP) — Wall Street is drifting lower again on Wednesday following mixed profit reports from several big banks.

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The S&P 500 slipped 0.3% and was on track for a second straight drop after setting its all-time high. The Dow Jones Industrial Average was down 84 points, or 0.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.5% lower.

Some nervousness was hanging over financial markets. Crude prices added roughly 1% to their big recent gains as protests in Iran could lead to disruptions in the flow of oil. Gold’s price climbed nearly 1% toward further records, while Treasury yields edged lower as investors looked for investments that are considered safer to hold.

On Wall Street, Wells Fargo helped pull the U.S. stock market lower after falling 4.5%. The San Francisco-based bank reported weaker profit and revenue for the latest quarter than expected, with analysts citing lower trading fees and other miscellaneous items.

Bank of America fell 3.4% despite reporting stronger profit than expected. Citigroup, which is in the midst of a turnaround under CEO and Chair Jane Fraser, lost an initial gain to slip 0.3% after its results fell short of forecasts.

Companies across industries need to report strong growth in profits to justify how high their stock prices have run recently. Analysts are looking for businesses across the S&P 500 to report earnings per share for the final three months of 2025 that are roughly 8% higher than a year earlier, according to FactSet.

Exxon Mobil added 1.3% and was one of the strongest forces keeping the S&P 500 from a steeper loss. It rose as the price of a barrel of benchmark U.S. crude added 0.8% to bring its gain for the year so far to 7%.

In the bond market, Treasury yields inched lower following some mixed reports on the U.S. economy.

One said that shoppers spent more at U.S. retailers in November than economists expected. That could be an encouraging signal about the main engine of the U.S. economy, but economists pointed to some concerning signals were underneath the surface. Sales of big-ticket items fell from the prior year, noted Brian Jacobsen, chief economic strategist at Annex Wealth Management.

A separate report said prices rose modestly at the U.S. wholesale level in November. It followed a report on Tuesday that said inflation at the U.S. consumer level was close last month to economists’ expectations, though it remained above the Federal Reserve’s 2% target.

The yield on the 10-year Treasury ticked down to 4.15% from 4.18% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do, fell more modestly. It dipped to 3.52% from 3.53%.

In stock markets abroad, Japan’s Nikkei 225 rallied 1.5% to another record expectations grew that Prime Minister Sanae Takaichi may call general elections soon.

Indexes were mixed elsewhere. Stocks rose 0.6% in Hong Kong but fell 0.3% in Shanghai after a report showed China’s trade surplus surged 20% in 2025 to a record despite President Donald Trump’s tariffs.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

By JOEY CAPPELLETTI, Associated Press

WASHINGTON (AP) — Michigan Sen. Elissa Slotkin has been notified that the Trump administration is investigating her after she organized and appeared in a video with other Democrats urging military service members to resist “illegal orders.”

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Slotkin, a former CIA analyst, first disclosed to The New York Times that prosecutors were investigating her. A person with knowledge of the situation who was not authorized to speak about it publicly confirmed the matter to The Associated Press.

Slotkin, who organized the 90-second video and first posted it on her X account in November, learned this month of the inquiry from the office of U.S. Attorney Jeanine Pirro, the Justice Department’s chief prosecutor in the nation’s capital. Pirro’s office did not immediately respond Wednesday to messages seeking comment.

The inquiry marks another escalation in President Donald Trump’s reaction to a video that he and his aides have labeled as “seditious” — an offense Trump said on his social media account was “punishable by death.” Slotkin and the other Democratic lawmakers who participated in the video said in November that the FBI has contacted them to begin scheduling interviews. Pirro’s involvement represents an elevation of the matter for Slotkin.

It is not clear what laws could have been violated in the video message. In it, the lawmakers, all of whom have military and national security experience, tell troops to follow established military protocols by not following commands that the law.

Defense Secretary Pete Hegseth has censured Arizona Sen. Mark Kelly, a former Navy pilot and astronaut, for participating. Hegseth is attempting to retroactively demote Kelly from his retired rank of captain. The senator is suing Hegseth to block those proceedings, calling them an unconstitutional act of retribution.

Reps. Jason Crow of Colorado, Chris Deluzio of Pennsylvania, Maggie Goodlander of New Hampshire and Chrissy Houlahan of Pennsylvania also appeared in the video. It was not clear whether any other participants are being targeted by Pirro’s office or other arms of the Justice Department beyond the FBI questioning.

Slotkin was among the Democrats’ bright spots in the 2024 election, winning an open Senate seat despite Trump carrying Michigan in the presidential election. She delivered the Democratic response to his congressional address in 2024.

Associated Press writer Bill Barrow in Atlanta contributed to this report.

By ANNE D’INNOCENZIO and ELAINE KURTENBACH, Associated Press

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.

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Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.

The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said.

“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” said Geoffroy van Raemdonck, who took over for CEO and Executive Chairman Richard Baker this week. Baker had assumed control after the company’s CEO Marc Metrick, stepped down earlier this month.

When Saks said that it would buy Neiman Marcus for $2.65 billion in the summer of 2024, the goal was to create a powerhouse in a luxury sector that had grown more fragmented. Online sellers were siphoning customers and big name brands had begun to sell goods from their own stores.

But the tie-up with Nieman Marcus only worsened Saks’ debt situation as luxury sales weakened.

Global sales of luxury goods are expected to contract for the second straight year in 2026 as consumers anxious about the global economy pare back their spending, according to a study by Bain & Co. consultancy released in November.

Hudson’s Bay, Canada’s oldest company, began liquidating all but six of its stores in March 2025.

The upscale department store landscape has volatile in recent years.

Neiman Marcus entered bankruptcy protection for about four months in 2020 as the coronavirus pandemic spread. The privately held department store chain was forced to close its stores for several months during the pandemic like other competitors such as Lord & Taylor.

Lord & Taylor sought bankruptcy protection in August of that year, then said it would close all of its stores and operate as an online retailer only.

The century-old department store Nordstrom agreed to be taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal last year.

Sales at the long-suffering Macy’s have begun to improve under new CEO Tony Spring, who has shuttered unprofitable stores and improved service. He’s also trying to attract the same luxury shoppers who power sales at Bloomingdale’s and upscale beauty retailer Bluemercury, which are both owned by Macy’s.

There is concern among vendors about Saks and how things will move forward.

“They’re very nervous, very concerned, very worried about spring deliveries for merchandise that they’ve already produced,” said Gary Wassner, CEO of Hilldun Corp., which ensures suppliers get paid for products shipped to retailers. “They weren’t able to complete deliveries on what they had produced for the fourth quarter of (20)25, so they’re sitting with that inventory.”

Wassner said Saks Global accounted for 40% to 50% of the business of some of his clients. He said that he told his clients to stop shipping to Saks last month given the uncertainty.

Saks said that it has financing commitments of $1.5 billion from some of its creditors and another $240 million in “incremental liquidity” from its lenders.

By ANNE D’INNOCENZIO, Associated Press Retail Writer

NEW YORK (AP) — Shoppers increased their spending in November from October as holiday shopping kicked into full gear.

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Retail sales increased a better-than-expected 0.6% in November, following a revised 0.1% decline October, according to the Commerce Department. The report was delayed more than a month because of the 43-day government shutdown.

Retail sales rose 0.1% increase in September, but jumped 0.6% in July and August and 1% in June.

The federal government is gradually catching up on economic reports that were postponed by the shutdown.

Sales at clothing and accessories stores rose 0.9%, while online businesses had a 0.4% increase. Business at sporting goods and hobby stores was up 1.9%.

The snapshot offers only a partial look at consumer spending and doesn’t include many services, including travel and hotel lodges. But the lone services category – restaurants – registered an uptick of 0.6%.