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Wall Street Overview

Stocks ended sharply lower on Wednesday, June 27, on concern over White House policy regarding Chinese investment in U.S. tech-related companies.

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The White House suggested it wouldn't aim to block companies with at least 25% Chinese ownership from buying certain U.S. tech-related companies. The government instead plans to rely more heavily on the recently bolstered Committee on Foreign Investment in the United States to stymie threats and concerns about foreign entities purchasing sensitive domestic technologies, said a senior official from the Trump administration.

The Dow Jones Industrial Average I:DJI ended off 165, or 0.7%, at 24,118, the S&P 500 I:GSPC declined 0.86% and the Nasdaq I:IXIC fell 1.5% after trading higher earlier in the session.

"We considered a number of different mechanisms for addressing the concerns articulated regarding the acquisitions of sensitive technologies that may threaten U.S. national security, national interests," the Trump official was quoted as saying. "In the end the president and his advisers settled on the idea that we have a strong and effective mechanism through the CFIUS process ... and that is a mechanism that can be used in the flexible and aggressive way to combat the practices that are troubling to the president."

Exxon Mobil Corp. (XOM) - Get Report and Chevron Corp. (CVX) - Get Report more than 1% on Wednesday after crude oil rose to a three-and-a-half year high on a decline in U.S. oil stockpiles. West Texas Intermediate crude gained 2.52% to $72.31 a barrel.

The U.S. Department of Justice released a statement on Wednesday saying it would approve Walt Disney Co.'s (DIS) - Get Report planned $71.3 billion acquisition of Twenty-First Century Fox's (FOXA) - Get Report movie and TV assets, but would require Disney "to divest 22 Regional Sports Networks as a condition." Disney shares edged lower, while Twenty-First Century Fox gained 2.4%.

Conagra Brands Inc. (CAG) - Get Report confirmed Wednesday it will acquire Pinnacle Foods Inc. (PF) , which owns the Birds Eye and Mrs. Butterworth's brands, in a cash-and-stock deal that values the company at just more than $8 billion.

Congra Foods CEO Sean Connolly tells TheStreet's Executive Editor Brian Sozzi he is bullish on millennials, hence his Pinnacle deal. Watch below.

Conagra said Pinnacle Food investors will receive $43.11 in cash and 0.6494 a share of Conagra stock for each share held, indicating an implied per share deal price of $83 each. In cash-and-stock terms, the acquisition is worth around $8.3 billion, while the inclusion of debt takes the overall tag to $10.9 billion, the companies said.

Conagra fell 7.3%, while Pinnacle Foods declined 4.3%.

General Mills Inc. (GIS) - Get Report posted fiscal fourth-quarter adjusted earnings of 79 cents a share, beating analysts' expectations, while sales rose 2.2% to $3.89 billion. The stock fell 0.72%.

Chipotle Mexican Grill Inc. (CMG) - Get Report is making a key presentation to Wall Street after the close of trading Wednesday. Here's what you need to know via Real Money.

Facebook Inc. (FB) - Get Report will reverse its ban on cryptocurrency advertisements and will now allow some preapproved advertisers to promote crypto businesses and services, like exchanges, Recode reported.

Facebook had banned all crypto ads on the service in January, around the time bitcoin prices surged, to prevent people from promoting "financial products and services frequently associated with misleading or deceptive promotional practices." Shares fell 1.6%.

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Paychex Inc. (PAYX) - Get Report declined 3% after the company reported a fiscal fourth-quarter profit that came in below Wall Street expectations.

World Wrestling Entertainment Inc. (WWE) - Get Report rose 6.4% after it reached new TV deals with Comcast Corp.'s (CMCSA) - Get Report USA Network and Fox Sports, which is owned by Twenty-First Century Fox.