Major stock indexes closed mixed on Wednesday, with the Dow Jones Industrial Average leading the day while the Nasdaq lagged behind and the S&P 500 dipped lower. Nvidia was able to trim morning losses and retook a key level on the stock market, while Tesla added to recent losses.
Stocks weakened in afternoon trading, with the Nasdaq closing lower by 0.5%. The Dow managed to add 0.1% and held above the 39,000 level, while the S&P 500 shed 0.2% after Tuesday’s record closing high. The March 13 Investors Intelligence U.S. Advisors Sentiment index showed bullish forecasts rising to 60.9%, while bearish sentiment dropped to 14.5%.
The 10-year Treasury yield added 4 basis points to 4.19% and West Texas Intermediate crude oil jumped past $79 a barrel. Southern Copper and Freeport-McMoRan saw significant gains, while Cava Group and Advanced Micro Devices saw declines.
Williams-Sonoma reported a nearly 18% jump after strong fiscal fourth-quarter results, but Dollar Tree gapped down more than 14% after reporting lower-than-expected earnings. Texas Roadhouse got a 2.6% lift after a Baird upgrade, while 3M was the biggest gainer in the Dow Jones industrials on Wednesday. Celsius climbed 5.5% after a price target raise from Jefferies, but GE HealthCare Technologies sank 3.6% after announcing a secondary public offering of 14 million shares.
Despite the mixed performance of major stock indexes, individual companies saw a range of outcomes after their respective earnings reports and announcements, causing fluctuations in the market throughout the day. Investors are keeping a close eye on these developments as they navigate the current economic landscape.
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