All three major US stock indexes were down in late-morning trading Wednesday, as Treasury yields rose after the most recent purchasing managers' index came in higher than expected.
In company news, McDonald's (MCD) said Wednesday it plans to provide $8.5 billion in support to franchisees through 2036 to accelerate restaurant modernization, technology deployment and improvements in operations. About $5 billion of the amount will be provided through 2030 via a combination of rent relief and capital support, the company said. Unit expansion is expected to contribute nearly 2.5% to systemwide sales growth in 2027 and moderate to about 2% by 2030, McDonald's said. Shares of McDonald's were down 5.2% around midday.
A Morgan Stanley (MS) employee accidentally leaked an internal list of more than 100 investment-banking deals the firm is monitoring and pitching in Asia, Bloomberg reported Wednesday, citing people familiar with the matter. The list contained candidates for initial public offerings across China, South Korea and India and included private equity and pension funds backing those companies, the report said, citing a copy it saw and the people. Morgan Stanley shares were down 0.5%.
Brookfield (BN) is nearing a deal to buy financial crime and compliance specialist Actimize from NICE (NICE) for $2 billion, Sky News reported Wednesday, citing sources. Brookfield shares were down 1.7%.
Devon Energy (DVN) was urged earlier this month by activist hedge fund Toms Capital Management to review strategic alternatives, include a sale, CNBC reported Wednesday, citing a letter it viewed. Devon shares were up nearly 4%.
Paychex (PAYX) reported fiscal Q1 adjusted earnings Wednesday of $1.34 per diluted share, up from $1.22 a year earlier and above the FactSet consensus analyst estimate of $1.32. Fiscal Q1 revenue was $1.63 billion, up from $1.54 billion a year ago and and matching the FactSet consensus. The company maintained its fiscal 2027 adjusted EPS and revenue growth outlook of 7% to 9% and 5% to 6%, respectively. Paychex shares were down 7.3%.
UBS Group AG (UBS) said Wednesday that the decision by the Swiss Parliament's Council of States to further tighten Swiss capital requirements, if implemented, would be "excessive." The proposed rules would require UBS to back foreign participations with 90% common equity Tier 1 capital, or an additional $16 billion of CET1 capital, the company said. UBS shares were down 2.3%.
Price: $237.55, Change: $-12.81, Percent Change: -5.11%