Traders work on the floor of the New York Stock Exchange.
New York Stock Exchange
of Dow Jones Industrial Average and S&P 500 It fell on Wednesday, retreating from its most recent record.
The S&P 500 fell 0.19% to close at 5,722.26, while the Dow Jones Industrial Average fell 293.47 points, or 0.70%, to close at 41,914.75. Both the Dow and the S&P 500 hit new records at the open, but the blue-chip index ended a four-day winning streak. Nasdaq Composite Index It rose just 0.04% to close at 18,082.21.
Notable losers from the day included: General Motors and FordBoth stocks fell more than 4% following the Morgan Stanley downgrade. Amgen The Dow Jones Industrial Average was weighed down by the drop in the third quarter. Nine of the S&P 500's 11 sectors ended in the red, with the energy sector leading the decline after a drop in U.S. crude oil futures prices. Chevron The stock price fell more than 2%.
Technology was a bright spot in the market. Hewlett Packard Enterprise The stock rose more than 5% after Barclays upgraded it, citing demand for artificial intelligence data centers. NVIDIA Its shares rose 2.2%, pushing its market capitalization to more than $3 trillion.
All three stock averages are on track for positive growth in September, but concerns about an economic slowdown remain even after the Federal Reserve cut interest rates last week. So far, the central bank's interest rate policies have helped the S&P 500 weather a typically weak September.
“This is consistent with history: stocks tend to perform well during periods when the Fed is easing monetary policy when the U.S. economy is still growing,” Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, wrote in a note on Wednesday. “However, how successful the Fed is in steering the U.S. to a soft landing will be crucial in determining the outlook for other asset classes.”
The economy is becoming a bigger focus for investors as central banks begin to cut interest rates.
In terms of data, new home sales are down In August, the number increased by 4.7% to 716,000.That's down from a revised July reading of 751,000.Investors will also be keeping an eye on weekly jobless claims on Thursday.
