Exxon Mobil dropped 2.6%, and energy stocks fell to some of Wall Street's sharpest losses after oil prices tumbled more than 4%. A barrel of Brent crude, the international standard, has fallen back toward $74 from more than $80 last week.

U.S. stocks bounced back Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies to regain much of their losses from the day before.

French luxury giant LVMH reported a 3% fall in third-quarter sales on Tuesday, undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened,