Stock market news today: Nasdaq leads declines as stocks flip to losses, comeback rally loses steam

US stocks gave up steam on Wednesday after Tuesday's rebound that snapped a three-day losing streak for the major averages. The benchmark S&P 500 was down 0.4%, while the tech-heavy Nasdaq Composite slipped about 0.7%. The Dow Jones Industrial Average was off about 0.5%, or about 200 points. All three of the major averages had been up more than 1% at some point during the session.

The earnings and economic calendar remains relatively sparse, with the weekly report on mortgage applications Wednesday morning serving as the most notable piece of economic news. On the earnings side, numbers out of Disney reported early Wednesday showed the entertainment giant turned a profit in its streaming unit for the first time last quarter while the company also raised its full-year earnings forecast.

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