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Shares closed lower on Wednesday, failing to fully recover from Monday’s sell-off. Dow Jones Industrial Average fell 0.60% to close at 38,763.45, while the S&P500 fell 0.77% and ended the session at 5,199.50. The Nasdaq-Composite posted the largest percentage drop of any major index at 1.05% to end the session at 16,195.81 points. This came after Tuesday’s session was a bright spot for the markets as the S&P and Nasdaq rose 1% and the Dow added nearly 300 points. Follow live market updates.

Warner Bros. Discovery missed analyst estimates when it released its quarterly results after the market close on Wednesday. The company reported a loss of 36 cents per share on revenue of $9.7 billion, compared with a loss of 22 cents on revenue of $10.07 billion that analysts surveyed by LSEG had expected. Warner Bros. Discovery also reported a $9.1 billion non-cash goodwill impairment charge in its television broadcasting segment, which the company said was caused by “the difference between market capitalization and book value, continued weakness in the U.S. linear advertising market and uncertainty related to renewals of affiliate and sports rights, including the NBA.” Streaming, however, was a positive for the company during the period. Warner Bros. Discovery said it added 3.6 million subscribers, bringing its total number of global streaming customers to 103.3 million.

Customers aren’t the only ones pushing for lower prices. Ahead of the November election, politicians are now pledging to fight inflation, although they blame different things for it. Vice President Kamala Harris, for example, has said she will crack down on corporate “price gouging,” while former President Donald Trump has taken aim at the Biden administration’s policies. Senator Bob Casey (D-Penn.) and Senator Sherrod Brown (D-Ohio) have attacked companies for “shrinkflation,” the practice of charging the same price for items while decreasing in size. This comes as Walmart, MC Donalds And Krogerand other countries are currently in the midst of the debate about high inflation and are facing criticism regarding their affordability.

A recession may still be ahead. According to JPMorgan Chase CEO Jamie Dimon, the odds of a “soft landing” for the U.S. economy are about 35 to 40 percent, meaning he thinks a recession is more likely. “There’s a lot of uncertainty out there,” he told CNBC’s Leslie Picker. “I’ve always pointed to geopolitics, the housing market, deficits, spending, quantitative tightening, the election, all of those things are causing some consternation in the markets.” Dimon also said he was “a little bit skeptical” about the Federal Reserve’s ability to bring inflation down to 2 percent. “I’m completely optimistic that we could handle a mild recession, even a harder one,” he continued. “Of course, I have a lot of sympathy for people who are losing their jobs. You don’t want a hard landing.”

Apple’s advanced artificial intelligence could come at a cost to customers. Analysts told CNBC that the company could charge users as much as $20 for Apple Intelligence, which is set to roll out on some devices later this year. “Software and services make it Apple to pass it along with the Apple One subscription model,” Neil Shah, partner at Counterpoint Research, said in an interview with CNBC last week. Apple One, meanwhile, costs users $19.95 per month to access various services like Apple Music. “The beauty of AI is that as you use it, it learns more about you and you’re locked into the model itself because you can’t bring your own model from Apple to Android,” he continued.

— CNBC’s Hakyung Kim, Brian Evans, Lillian Rizzo, Melissa Repko, Amelia Lucas, Hugh Son and Arjun Kharpal contributed to this report.

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