Wall Street Wavers, Nvidia Resumes Losses, Tesla Eyes 4-Month High Close, Amazon Hits $2 Trillion Value: What's … – Benzinga
Wall Street experienced a mixed session on Wednesday, as investors adopted a cautious stance following Tuesday’s gains while awaiting key economic data releases later this week, including the Fed’s preferred inflation report due on Friday.
At noon in New York, major U.S. averages traded flat, showing a lack of direction. Notably, 10 out of 11 sectors in the S&P 500 were in the red, with consumer discretionary being the only sector to post gains. Small caps fell by 0.3%, while blue chips edged up by 0.1%.
The semiconductor industry failed to continue its rebound, as the iShares Semiconductor ETF SOXX dropped 1%, with Nvidia Corp. NVDA down 2%.
Treasury yields rose, particularly at the long end of the curve, with both 10-year and 30-year yields increasing by 5-6 basis points, as traders slightly trimmed bets on a September rate cut.
The dollar gained further traction against a basket of major currencies, with the U.S. dollar index (DXY) eyeing its highest close since April 30.
Notably, the dollar-yen pair rose past 160, marking the weakest level for the Japanese currency since December 1987, as traders continued to test Bank of Japan’s policies.
Commodities were softer overall, with gold retracing 0.9% amid higher yields and a stronger greenback, natural gas dropping 2.7%, while oil prices edged up by only 0.2%.
Bitcoin BTC/USD was 1% lower at $61,150, failing to sustain Tuesday’s 2.5% rise.
According to Benzinga Pro data:
Read now: Elon Musk Could Sell At Least 100,000 New Lower-Cost Models Next Year: ‘Tesla Has Over 50% Share Of The US EV Market’
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
