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Wall Street indices closed the session mixed on Wednesday, September 14, as the market participants took advantage of some beaten-down stocks after a massive selloff on Tuesday after inflation data.
The S&P 500 rose 0.34 per cent to 3,946.01. The Dow Jones was up 0.10 per cent to 31,135.09. The NASDAQ Composite added 0.74 per cent to 11,719.68, and the small-cap Russell 2000 rose 0.38 per cent to 1,838.46.
The strong inflation reading from last month raised concerns over a third 75 basis point hike in interest rates by the central bank. The investors were anticipating that a decline in the inflation reading would make the Fed scale back with its tightening monetary plans.
Notably, all three major US indices marked their highest one-day percentage drop on Tuesday, September 13, since June 2020.
Meanwhile, the producer price index or PPI data by the Labor Department on September 14 showed a decline of 0.1 per cent in August from the prior month, due to the decrease in gasoline prices. Excluding the volatile items, the core price index rose 0.4 per cent.
For the 12 months through August, the producer price index advanced 8.7 per cent, following an increase of 9.8 per cent in July.
The energy and consumer discretionary sectors were the top movers in the S&P 500 index on Wednesday. Eight of the 11 segments of the index stayed in the negative territory, with materials and information technology sectors declining the most.
Shares of Twilio Inc. (TWLO) gained more than nine per cent in the intraday trading after the cloud communications firm unveiled its plans to trim 11 per cent of its workforce as it aims to boost its profit.
Starbucks Corporation (SBUX) added over five per cent in the intraday session, after the coffeehouse chain operator lifted its earnings guidance for the upcoming quarters.
In the energy sector, Exxon Mobil Corporation (XOM) increased by 2.45 per cent, Chevron Corporation (CVX) gained 2.41 per cent, and Shell plc (SHEL) rose 2.01 per cent. ConocoPhillips (COP) and TotalEnergies SE (TTE) soared 4.79 per cent and 2.76 per cent, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) surged 1.36 per cent, Tesla, Inc. (TSLA) added 3.59 per cent, and Nike, Inc. (NKE) jumped 1.21 per cent. Airbnb, Inc. (ABNB) and Booking Holdings, Inc. (BKNG) advanced 4.33 per cent and 2.43 per cent, respectively.
In the technology sector, Oracle Corporation (ORCL) decreased by 5.14 per cent, Accenture plc (ACN) fell by 1.06 per cent, and Infosys Limited (INFY) plummeted by 2.59 per cent. Block, Inc. (SQ) lost 1.47 per cent, while Broadcom Inc. (AVGO) added 1.41 per cent.
Futures & Commodities
Gold futures were down 0.63 per cent to US$1,706.55 per ounce. Silver increased by 0.42 per cent to US$19.573 per ounce, while copper fell 1.13 per cent to US$3.5155.
Brent oil futures increased by 1.27 per cent to US$94.35 per barrel and WTI crude was up 1.74 per cent to US$88.83.
Bond Market
The 30-year Treasury bond yields were down by 1.35 per cent to 3.461, while the 10-year bond yields fell 0.38 per cent to 3.410.
US Dollar Futures Index decreased by 0.15 per cent to US$109.362.
