Stocks end mixed in listless trading; Nasdaq hits high
A last-minute burst of selling pulled major U.S. stock indexes mostly lower Wednesday, ending the market’s five-day winning streak.
The Standard & Poor’s 500 index and Dow Jones industrial average finished with tiny losses that left them just below their alltime highs set a day earlier.
The S&P 500 fell 1.38 points, or less than 0.1%, to 3,191.14. The Dow dropped 27.88 points, or 0.1%, to 28,239.28.
The Nasdaq composite rose 4.38 points, or 0.1%, to 8,827.73, a record.
Trading was listless most of the day in the absence of major new economic data and only a few corporate earnings reports for investors to mull over. Stocks have jumped recently on optimism about a “Phase One” trade deal announced last week between the United States and China, among other factors. But after five straight days of gains, the S&P 500 had less fuel to push higher.
Losses in banks, industrial stocks, household goods makers and technology companies helped pull the market lower. They offset gains in real estate, communication services, healthcare and elsewhere in the market.
Treasury yields rose slightly. The yield on the 10year Treasury climbed to 1.92% from 1.89% late Tuesday.
Despite the last-minute dip, stocks are on track for strong gains this year. The benchmark S&P 500 is up 27.3%, while the Dow is up 21.1%. The Nasdaq, which is heavily weighted with technology stocks, is up 33%.
Traders had their eye on a mixed batch of corporate earnings reports Wednesday.
FedEx was the biggest loser in the S&P 500 after the package delivery giant cut its profit forecast for its fiscal year and reported weaker quarterly earnings than analysts expected. The stock slumped 10%. FedEx’s woes also pulled rival UPS 1.9% lower.
General Mills added 1.9% after it reported stronger profit for the latest quarter than analysts expected.
Cigna climbed 2.4% after the company agreed to sell its group life and disability coverage business for $6.3 billion.
Benchmark crude oil fell 1 cent to $60.93 a barrel, snapping a five-day winning streak. Brent crude oil, the international standard, rose 7 cents to $66.17 a barrel.
Gold fell $2.00 to $1,472.60 an ounce and silver fell 3 cents to $16.95 an ounce.