Highlights
Major stock indexes ended mostly weaker Wednesday with some positive earnings news and hopes for progress on opening the Strait of Hormuz providing support, offset by weakness in some big technology shares weighing most on the Nasdaq.
The Dow Jones industrial average was up 0.5 percent while the S&P 500 eased 0.2 percent, and the Nasdaq fell 0.8 percent. Oil prices were nearly flat, bond yields were narrowly mixed, while dollar declined.
Spacex sold off despite huge revenue gains as it became the latest big tech stock to surprise the market with huge AI capex spending plans. Many chipmakers receded to correct some of Tuesday’s big gains though Nvidia had a good day. Weak sectors included telecom, utilities, chain stores, real estate, and energy. Best sectors included pharma, with a boost from Eli Lilly on upbeat quarterly results, plus big banks, airlines, homebuilders, and travel & leisure.
Investors did not react much to economic reports including a weaker than expected ADP employment report and a mixed outcome from the ISM services purchasing managers report.