Highlights
Stocks were mostly higher Wednesday though well off early highs with a boost from rising big technology shares with Amazon and Nvidia leading the winners. The Dow Jones industrial average gained 0.3 percent, the broader S&P 500 rose 0.6 percent and the Nasdaq was up 0.8 percent. US Treasury yields, the dollar and oil and gold prices all rose.
Software shares recovered Wednesday after several days of heavy selling on AI fears left the sector oversold. Defensive sectors lagged after outperforming lately. Renewed talk about a US military strike in Iran lifted oil prices to help energy shares outperform.
US economic data came in on the strong side, including durable goods, housing starts and industrial production. FOMC meeting minutes appeared rather more hawkish than investors anticipated but markets still remain priced for two rate cuts this year.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.