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Benchmark US stock indices saw muted gains on Wednesday, although the segments broadly remained subdued as investors took cues from the recent spike in oil prices and inflation data.
The S&P 500 was up 0.14% to 4,208.12. The Dow Jones rose 0.07% to 34,600.38. The NASDAQ Composite Index gained 0.14% to 13,756.33. Small-cap Russell 2000 was up 0.13% to 2,297.83.
Stock segments, such as industrials, basic materials, healthcare, and consumer cyclicals, retreated in Wednesday’s session, although the indices edged slightly higher from the previous close, thanks to a handful of stocks that saw massive rallies without any apparent reasons.
Energy, real estate, utilities, and technology, stocks also saw muted gains. Shares of AMC Entertainment Corp. (AMC) skyrocketed more than 97% at 2:36 pm ET, while the GameStop Corp. (GME) jumped around 11% at 2:44 pm ET. Both the stocks had gained around 473% and 1,430% over the past one year and six months, respectively.
Investors appeared to play safe amid mixed cues from the economy and rising oil prices, which may further aggravate the inflationary pressures. They were also waiting for the latest employment data from the Labor Department sometime this week.
So far, the labor market has been making good progress on the back of the vaccination drive and removal of business restrictions. On June 1, the department had announced a grant of US$52 million for homeless veterans to help them rejoin work.
The US Treasury Department also on Wednesday renewed calls for a global consensus on a minimum corporate tax regime for companies that profit from foreign operations. The US has sought support from countries in its push for a minimum 15% corporate tax. It stressed that governments lose out important revenues because of cheap tax regimes in some countries.
Meanwhile, the Biden administration has warned a group of six countries, including the UK, Italy, and India, which plan to levy digital-services taxes on American tech companies, such as Facebook and Google. It said that it may introduce new tariffs on imports from those countries.
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Shares of Facebook and Google’s parent company Alphabet were trading low on Wednesday. Other technology stocks Nokia Corp, Palantir Technologies Inc., and Nvidia Corp., gained 5.20%, 5.90%, and 2.81%, respectively. But shares of electric car Tesla Inc. declined 3.25%.
In the crypto world, Dogecoin was up around 25% after the digital currency exchange Coinbase allowed users to trade in dogecoin. The crypto coin gained about 5100% YTD.
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Top Gainers
Top performers on S&P 500 included Schlumberger NV (7.68%), ETSY Inc (7.15%), HollyFrontier Corp (6.07%), Invesco Ltd (4.74%). On NASDAQ, top performers were Briacell Therapeutics Corp (94.34%), Koss Corp (68.61%), Constellation Pharmaceuticals Inc (65.86%), Bed Bath & Beyond Inc (62.11%). On Dow Jones, Walgreens Boots Alliance Inc (1.87%), Chevron Corp (1.34%), Visa Inc (1.34%), International Business Machines Corp (1.06%) were the leaders.
Top Losers
Top laggards on S&P 500 included Nucor Corp (-5.16%), Tapestry Inc (-5.03%), PVH Corp (-4.12%), L Brands Inc (-3.70%). On NASDAQ, Orbital Energy Group Inc (-31.15%), Progenity Inc (-23.43%), ENGlobal Corp (-20.83%), Tecnoglass Inc (-17.97%) were the top losers. On Dow Jones, Dow Inc (-2.07%), Walt Disney Co (-1.03%), Honeywell International Inc (-0.95%), Salesforce.Com Inc (-0.67%) were the laggards.
Volume Movers
Top volume movers were Naked Brand Group Ltd (46.96M), Sundial Growers Inc (38.86M), Bed Bath & Beyond Inc (22.18M), Briacell Therapeutics Corp (20.69M), Apple Inc (12.84M), American Airlines Group Inc (10.80M), Ford Motor Co (13.45M), AT&T Inc (8.24M), Bank of America Corp (7.50M), Occidental Petroleum Corp (7.32M), Advanced Micro Devices Inc (7.31M), Intel Corp (6.65M), Microsoft Corp (5.98M), and Cisco Systems Inc (5.01M).
Futures & Commodities
Gold futures were up 0.31% to US$1,910.95 per ounce. Silver increased 0.71% to US$28.302 per ounce, while copper was down 1.08% to US$4.6018.
Brent oil futures increased 1.42% US$71.25 per barrel and WTI crude was up 1.54% to US$68.76.
Bond Market
The 30-year Treasury bond yields were down 0.93% to 2.275, while the 10-year bond yields decreased 1.60% to 1.589.
US Dollar Futures Index slightly increased 0.09% to US$89.900.
