The S&P 500 retreated by 9.96 points, or 0.2%, from its previous day’s record high to 5,165.31, the Dow Jones Industrial Average advanced by 37.83 points, or 0.1%, reaching 39,043.32 and the Nasdaq composite declined by 87.87 points, or 0.5%, to 16,177.77
U.S. equities closed with a mixed performance on Wednesday, reflecting a subdued sentiment that prevailed across global financial markets.
The S&P 500 retreated by 9.96 points, or 0.2%, from its previous day’s record high to 5,165.31. Meanwhile, the Dow Jones Industrial Average advanced by 37.83 points, or 0.1%, reaching 39,043.32 and coming within 90 points of its previous all-time high set in the prior month. The Nasdaq composite declined by 87.87 points, or 0.5%, to 16,177.77.
The bond market remained relatively calm, with Treasury yields edging higher, while international stock markets displayed a mixed performance with mostly modest movements.
The most significant activity was observed in the oil market, where the price of benchmark U.S. crude surged by $2.16 to settle at $79.72 per barrel. Brent crude, the global standard, also climbed by $2.11 to $84.03 per barrel.
Oil prices have been on an upward trajectory this year, contributing to slightly higher inflation levels than anticipated by economists. This has led to diminished hopes on Wall Street for the Federal Reserve to provide relief by lowering interest rates at its upcoming meeting next week.
Despite this, market expectations remain for the Fed to initiate rate cuts in June due to the prevailing downward trend in inflation over the long term. Lowering interest rates would alleviate pressure on the economy and financial system, with stocks already rallying in anticipation of such measures.
On the stock market, the S&P 500 surged by 44% since reaching a low point in 2022. Dollar Tree shares plummeted by 14.2% after reporting quarterly results that fell short of analysts’ projections.
Energy producer stocks performed well, benefiting from the increase in oil prices. This sector within the S&P 500 recorded a 1.5% gain, marking the largest increase among the index’s 11 sectors.
