S&P 500 closes slightly lower, snaps two-day winning streak
The S&P 500 erased modest gains earlier and closed in the red on Wednesday as the market’s comeback rally took a breather.
The broad equity benchmark dipped 0.1% to 4,241.84, falling for the first day in three and sitting 0.4% from an all-time high. The Dow Jones Industrial Average fell 71.34 points, or 0.2%, 33,874.24. The Nasdaq Composite was the relative outperformer with a 0.1% gain at 14,271.73, eking out another record closing high.
Leading the losses were the S&P 500 utilities sector, which dropped 1.1% Wednesday, while consumer staples and materials also registered modest declines.
Energy names including Exxon Mobil climbed as oil prices continued to rise. Brent crude topped $75 a barrel. Occidental Petroleum jumped more than 3%, while Devon Energy gained nearly 2%.
Some major technology names gave the broader market some support. Tesla jumped nearly 5.3%, while Netflix gained about 0.8%. Facebook also rose close to 0.5%.
Despite Wednesday’s dip, the S&P 500 has risen 1.8% this week, bouncing back from a sell-off last week triggered by the Federal Reserve’s surprise policy shift. The central bank projected much higher inflation for the year than previously, while signaling two rate increases as soon as 2023.
For June the S&P 500 and Nasdaq Composite are in the green, rising 0.9% and 3.8%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.
Reference: CNBC
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