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Benchmark US indices closed lower on Wednesday after financials, industrials, and consumer stocks led a broad retreat in the markets amid mixed global and domestic cues.
The S&P 500 was down 0.18% to 4,219.55. The Dow Jones shed 0.44% to 34,447.14. The NASDAQ Composite dropped 0.09% to 13,911.75. The small-cap Russell 2000 was down 0.71% to 2,327.13.
Investors appeared hesitant to make big bets on stocks amid inflationary pressures. As a result, markets were seeing lacklustre sessions in recent weeks, barring a few exceptions. April and May had seen high-voltage stock activities due to the positive earnings reports.
Six of the 11 critical segments of the S&P 500 saw small gains. While the utility and healthcare segments advanced, the financials and industrial sectors declined the most.
However, some meme stocks continued to see high traction after their recent rallies, demonstrating that retail investors are still rooting for social media stocks, which gained massive popularity in March as stocks skyrocketed.
Some real estate and entertainment stocks were also in the limelight in Wednesday's session. Real estate investment trust GEO Group Inc. (GEO) gained 37%, and the World Wrestling Entertainment, Inc. (WWE) jumped more than 10% at the market close.
Shares of fintech startup Marqeta Inc. (MQ) rose more than 11% after its market debut, bringing its worth to 17.2 billion. Marqeta provides payment services to companies like Uber Inc. and DoorDash.
Pharma major Merck & Co. (MRK) stock was marginally up 0.69% after it reported a deal with the US government to supply more than 1.5 million Molnupiravir vaccines for covid treatment. The transaction value is about US$1.2 billion. Shares of Pfizer Inc. (PFE) increased by 2.46%, while the cannabis firm Tilray Inc. (TLRY) jumped 5.79%.
The stocks of steel producer Cleveland Cliffs (CLF) gained 14%, and lender UWM Holdings Corp. (UWMC) surged 8%. United Parcel, Inc. (UPS) and FedEx (FDX) dropped 4.15%, and 3.13%, respectively.
Also Read: Trending Stocks: Clover Health, Wendy’s, Lordstown Motors
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Also Read: What China’s record factory-gate prices mean for global economy
Top Gainers
Top performers on S&P 500 included Catalent Inc (3.05%), Regeneron Inc (3.05%), Sempra Energy (2.95%), Biogen Inc (2.93%). On NASDAQ, top performers were Aethlon Medical Inc (388.24%), American Software Inc (39.06%), Clean Energy Fuels Corp (31.52%), and The9 Ltd (30.71%). On Dow Jones, Merck & Co Inc (2.27%), Johnson & Johnson (1.35%), Amgen Inc (1.14%), and IBM Corp (1.07%) were the leaders.
Top Losers
Top laggards on S&P 500 included DISH Network Corp (-7.21%), Campbell Soup Co (-6.51%), Brown-Forman Corp (-5.65%), and United Parcel Service Inc (-4.15%). On NASDAQ, Atossa Therapeutics Inc (-27.51%), Clover Health Corp (-23.61%), SemiLEDs Corp (-21.80%), and NextDecade Corp (-21.40%). On Dow Jones, Caterpillar Inc (-2.29%), Boeing Co (-1.86%), American Express Co (-1.45%), and JPMorgan Chase & Co (-1.25%) were the laggards.
Volume Movers
Top volume movers were Apple Inc (15.33M), Bank of America Corp (9.75M), Ford Motor Co (9.75M), Pfizer Inc (9.52M), General Electric Co (7.96M), AT&T Inc (7.34M), Exxon Mobil Corp (6.83M), Huntington Bancshares Inc (6.57M), Clover Health Investments Corp (61.60M), ContextLogic Inc (61.36M), Aethlon Medical Inc (41.00M), Sundial Growers Inc (26.13M), Clean Energy Fuels Corp (25.72M), and Tilray Inc (13.10M).
Futures & Commodities
Gold futures were down 0.20% to US$1,890.70 per ounce. Silver increased 0.56% to US$27.887 per ounce, while copper was down 0.88% to US$4.5160.
Brent oil futures slightly increased 0.06% to US$72.04 per barrel and WTI crude was down 0.43% to US$69.75.
Bond Market
The 30-year Treasury bond yields were down 1.72% to 2.171, while the 10-year bond yields decreased 2.33% to 1.492.
US Dollar Futures Index slightly increased 0.06% to US$90.130.
