Wall Street Today: DJIA, S&P 500 Hit Intraday Records, Then Pull Back on META, WDC, CAT and NKE Weakness
The S&P 500 and Dow industrials briefly hit intraday record highs Wednesday for the second straight session, then turned negative amid weakness for key big caps like Caterpillar, Nike, Meta Platforms, Western Digital and Seagate Technology.
The $Dow Jones Industrial Average (.DJI.US)$ shed 466 points (0.1%) to a 48,996.08 close after earlier setting a 49,621.43 all-time intraday peak.
The $S&P 500 Index (.SPX.US)$ likewise shed 23.89 ticks (0.3%) to 6,920.93 after hitting a 6,965.69 intraday record around noontime Wednesday.
Both indexes had set their previous intraday all-time highs just one day earlier, as well as closing at record highs on Tuesday.
Meanwhile, the $Nasdaq Composite Index (.IXIC.US)$ bucked Wednesday's downtrend and rose 37.1 points (0.2%) to 23,584.28.
Macro
The Dow-30 and S&P 500 sank amid weakness for key Big Techs like $Western Digital (WDC.US)$ (8.9% weaker), $Seagate Technology (STX.US)$ (6.7% lower), $Advanced Micro Devices (AMD.US)$ (2% softer), $Meta Platforms (META.US)$ (off 1.8%) and $Micron Technology (MU.US)$ (down 1.1%). Those stocks pulled back after seeing gains in recent days and weeks.
Non-techs like Dow components $Caterpillar (CAT.US)$ (4.3% softer), $Nike (NKE.US)$(3.3% weaker) and $JPMorgan (JPM.US)$ (off 2.3%) also fell Wednesday after improving in recent days.
Meanwhile, $Gold (LIST2110.US)$, $Silver (LIST2093.US)$ and cryptocurrencies fell Wednesday as both gave back some of their recent gains on a "flight-to-safety" move following the U.S. military's weekend seizure of Venezuelan President Nicolas Maduro.
$Silver Futures (MAR6) (SImain.US)$ fell as much as 6.1% to a $76.08-an-ounce session low, while $Gold Futures (APR6) (GCmain.US)$ gave up 1.4% at their intraday low to hit $4,432.90 an ounce.
Cryptocurrencies, which the market sometimes treats as "digital gold," fell as well for a second day after recent run-ups.
$Bitcoin (BTC.CC)$ shed 1.6% to $91,007.90 as of shortly before 4:15 p.m. New York time, while $Ethereum (ETH.CC)$ shed 3.3% to $3,136.50, $Ripple (XRP.CC)$gave back 3.9% to $2.17 and $Solana (SOL.CC)$lost 2.2% to $135.65.
Moo-vers
The "Magnificent Seven" tech stocks took their cue from the Nasdaq Composite and ended Wednesday's session mostly higher.
Mag-7 gainers included $Alphabet-A (GOOGL.US)$ (up 2.5%), $Microsoft (MSFT.US)$ (1.1% better), $NVIDIA (NVDA.US)$ (1% firmer) and $Amazon (AMZN.US)$ (0.3% stronger).
However, three Mag-7 stocks fell – $Meta Platforms (META.US)$ with its aforementioned 1.8% decline, $Apple (AAPL.US)$ (off 0.8%) and $Tesla (TSLA.US)$ (down 0.4%).
Elsewhere on Wall Street, Wednesday's noteworthy percentage decliners included:
-- Select space stocks, which consolidated after some three weeks of volatile but mostly higher pricing. down swings. Losers included $AST SpaceMobile (ASTS.US)$ (down 12.1%), $Sidus Space (SIDU.US)$ (off 6.1%) and $Rocket Lab (RKLB.US)$ (2.3% lower).
-- Certain cryptocurrency-related stocks, which eased on cryptos' declines. Stocks to lose ground included $Circle (CRCL.US)$ (off 5.02%) and $IREN Ltd (IREN.US)$ (4.98% weaker).
Conversely, Wednesday's significant percentage gainers included:
-- $Ventyx Biosciences (VTYX.US)$, up 36.6% to $13.73. VTYX rose after The Wall Street Journal reported that $Eli Lilly and Co (LLY.US)$ was close to buying the biotech firm. The two companies formally announced the deal after the bell at $14 cash per share.
-- $Critical Metals (CRML.US)$, 16.4% better. The rare-earth-metals firm has soared in recent days due to its holdings in Greenland. The Trump administration has resumed calls since the U.S. military seizure of Venezuela's Maduro to annex Denmark-controlled Greenland for its rare earths and other assets.
-- $Intel (INTC.US)$, up 6.5%. The chip giant rose on the unveiling earlier this week of its new Core Ultra Series 3 chip.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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ButterHunter : I believe the word “LEAST” was missed out..
chanpak ks : good
XTRProf ButterHunter : I wouldn't imply least to own. All of them I like but Micron is really manipulated too high already and now in a bubble and ready to burst. That's why Least likely to own. On it's own credentials, there is nothing fundamentally wrong with it.
Slay2dudes : ok
杨过20 : huge bubble
Beckman1 : hilarious
Beckman1 : hilarious your a bubble