Major stock indexes struggled to gain positive ground and closed in the red on Wednesday. Tesla, despite its efforts, failed to recover from early losses. Meanwhile, chip player ASML faced a significant plunge on disappointing first-quarter sales, and trucking stocks experienced a broad decline.

The Dow Jones Industrial Average finished the day 0.1% lower, marking the 11th session out of the last 13 where blue chips posted a deficit. The S&P 500 dropped 0.6%, adding to its fourth consecutive trading day in the red, while the Nasdaq lagged behind, falling 1.2%.

Volume on both the New York Stock Exchange and the Nasdaq was lower compared to the previous day. Advancers slightly outpaced decliners on the NYSE, but on the Nasdaq exchange, decliners outnumbered advancers. Additionally, fewer stocks reached new highs, and an increasing number hit new lows, particularly on the Nasdaq.

Small-cap stocks on the Russell 2000 gave up their early gains and fell 0.7%, while the Innovator IBD 50 exchange traded fund dropped 1.1%.

The yield on the benchmark 10-year Treasury note saw a sharp decline of 7 basis points, settling at 4.58%. Meanwhile, bitcoin remained steady around $61,000 as its highly anticipated halving event approaches.

In terms of individual stocks, Travelers triggered a sell signal by falling below its 50-day moving average after disappointing first-quarter results that missed Wall Street expectations. Tech leaders in the Dow, such as Apple, Intel, and Microsoft, also experienced losses.

Healthcare stocks performed relatively well, with UnitedHealth rising more than 2% as it tested potential resistance at the 50-day line following its positive first-quarter results.

Trucking stocks faced a significant decline after J.B. Hunt Transport reported disappointing first-quarter results, causing its stock to plunge by more than 8% to its lowest level since October 2022. Other trucking stocks, including Saia and ArcBest, also experienced drops.

However, United Airlines saw a significant surge, soaring more than 17% after reporting first-quarter results that came in lower than estimates.

Chip gear maker ASML faced a sell-off following lower-than-expected first-quarter sales and a disappointing outlook for the current quarter. The stock also fell below its 50-day moving average.

In other news, Tesla's board set a shareholder vote to reinstate Chief Executive Elon Musk's controversial $56 billion pay package. Shareholders will also vote on relocating the electric-vehicle leader to Texas from Delaware.

Shares of Eli Lilly trimmed gains to less than 1% after the company's weight-loss drug showed potential for helping with sleep disorders. Children's Place experienced a surge of over 15% after securing a $90 million unsecured term loan. Nvidia, the artificial intelligence play, saw a drop of more than 3%, reaching its 50-day moving average.

It remains to be seen how the stock market will respond in the coming days as the market faces various challenges and uncertainties.