Shares of Detroit-based automaker General Motors slipped more than 6% on Wednesday after Morgan Stanley downgraded the stock to underweight from equal weight.

Morgan Stanley’s Adam Jonas cited worsening credit for consumers in the U.S. as well as China continuing to take market share as headwinds for the automaker.

CNBC Pro subscribers can read Morgan Stanley’s call here.

— Brian Evans

Stocks opened little changed on Wednesday, as Wall Street takes a breather after record-highs for the Dow Jones Industrial Average and S&P 500.

The broad market index inched up 0.08%. The Nasdaq Composite ticked down 0.04%, while the 30-stock Dow gained 41 points, or 0.1%.

— Brian Evans

Coinbase shares were slightly down 1% in early morning trading, the morning after the stock notched its sixth up day in a row.

The crypto exchange operator has rallied more than 6% since last Tuesday in its longest rally since March of this year, around the time bitcoin reached a new record.

Chart analysts warn that Coinbase could be entering a downtrend as its 50-day moving average has just crossed below the 200-day.

—Tanaya Macheel

Some stocks are making big moves in premarket trading:

• Progress Software – The tech stock advanced nearly 7% after better-than-expected fiscal third-quarter results. Progress posted adjusted earnings of $1.26 per share on revenue of $178.7 million. Analysts polled by FactSet were expecting $1.14 per share on revenue of $176.2 million.
• KB Home – Shares plunged more than 6% following weaker-than-expected fiscal third-quarter earnings. KB Home earned $2.04 per share, or 2 cents below the estimate of analysts surveyed by LSEG. The homebuilder’s year-over-year housing gross margin also fell.
• General Motors, Ford Motor – The auto stocks fell following downgrades from Morgan Stanley’s Adam Jonas due to rising China competition and a weakening U.S. consumer. The analyst downgraded Ford Motor to equal weight from overweight, while General Motors was lowered to underweight from equal weight. Shares of General Motors and Ford fell roughly 3% and 2%, respectively.

Read here for the full list.

— Sean Conlon

Warren Buffett’s Berkshire Hathaway dumped yet another chunk of Bank of America shares, bringing its total sales to about $9 billion since mid-July and reducing its stake to 10.5%.

The Omaha-based conglomerate sold around 21 million shares between Sept. 20 and Sept. 24 for roughly $863 million, according to a new regulatory filing.

Once the stake dips below 10%, Berkshire will be no longer required to disclose any transactions within two business days.

Shares of the Charlotte, North Carolina-based have fallen about 3% month to date. The stock is still up more than 17% this year.

Buffett famously bought $5 billion worth of BofA’s preferred stock and warrants in 2011 in the aftermath of the financial crisis. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA. The “Oracle of Omaha” then added 300 million more shares to his bet around 2018 and 2019.

On Buffett’s sales, BofA CEO Brian Moynihan said he doesn’t think the stock is overvalued, and the market likes to analyze the Oracle of Omaha’s every move.

“I think the market speculates on what he does. He has an investment strategy, investment theory and he sold a lot of different companies… but at the same time he’s buying companies, and I’ll let the market decide it,” Moynihan told CNBC’s Leslie Picker earlier this week. “From our standpoint, our stock is a great buy and we’re buying it every day.”

— Yun Li

The Federal Reserve cutting interest rates further could aid a more cautious more economic outlook surrounding the labor market after some weak data points, according to Bank of America.

“The series of rate cuts going forward should help ease some concerns around the labor market and support sentiment,” BofA economist Shruti Mishra wrote on Wednesday.

— Brian Evans

Shares of German tech company SAP fell 3% in the premarket after CFO Dominik Asam confirmed an earlier report of a U.S. Justice Department investigation into possible price-fixing.

“I am not aware of any criminal investigations into SAP at present related to Carahsoft, which is I think the case you allude to. What we are aware of and all I can say on that second case is that since awhile we have been aware of a civil investigation from the DOJ and we have been fully cooperating with the DOJ up until now and we will continue to do so,” Asam said on CNBC’s “Worldwide Exchange.”

— Fred Imbert

U.S. stock futures traded slightly lower on Wednesday morning.

At around 3:40 a.m. ET, S&P 500 futures were seen down 0.2%, Nasdaq 100 futures fell 0.3%, and futures tied to the Dow Jones Industrial Average dipped 0.2%.

— Sam Meredith

European stocks traded slightly lower Wednesday morning, paring gains from the previous session on the back of Chinese stimulus measures.

The pan-European Stoxx 600 slipped 0.1% shortly after the opening bell, with most sectors and major bourses in negative territory.

— Sam Meredith

Gold futures settled at another record high on Tuesday, extending a rally that started long before the Federal Reserve’s rate cut became assured.

Strategas head of technical strategy Chris Verrone said on “Closing Bell” that he sees further upside for the yellow metal but cautioned that there could be a near-term dip.

“Some of the sentiment the last week or two I think is getting a little on the hotter side. If you got a pullback $2450, $2500 I think is very good support. I’d be a buyer there,” Verrone said.

Verrone also said that silver looks “timely” right now. Silver futures rose more than 4% on Tuesday for their best day since May.

— Jesse Pound

Shares of KB Home dropped 6% in extended trading after earnings for the fiscal third quarter came in below expectations.

KB Home reported $2.04 in earnings per share, slightly below the $2.06 per share expected by analysts, according to LSEG. The company’s housing gross margin also declined year over year.

Homebuilders will be a group watched closely by Wall Street now that the Federal Reserve has started to cut rates. Investors will want to see if home sales can rise as mortgage rates fall. New home sales data for August is due out on Wednesday.

Check out more after hours movers here.

— Jesse Pound

Stock futures were little changed at 6 p.m. in New York, with S&P 500 futures hovering near the flat line.

— Jesse Pound

The market could be in store for even more growth ahead, according to EMJ Capital’s Eric Jackson.

“We could be in for an everything rally,” the firm’s founder and president told CNBC’s “Money Movers” on Tuesday. “It’s not just small-cap tech, although that will participate, it’ll be the Mag Seven, it’ll be other stuff too.”

In terms of where he sees opportunities, Jackson said he likes Tesla especially, believing it could be a beneficiary of China’s new economic stimulus measures. The stock has soared more than 14% in the past one month and more than 38% in the past three months.

“I just don’t think they have gotten the credit to this point for being an AI play that they will,” he said, adding that he thinks the rally will continue.

— Sean Conlon