June 2, 2023

DS Duke

Global Business In World

NASDAQ Finsihes Negative, Dow Hikes 90

2 min read
U.S. stocks rose slightly on Wednesday but the technology sector struggled again as the 10-year...

U.S. stocks rose slightly on Wednesday but the technology sector struggled again as the 10-year Treasury yield traded volatilely.

The Dow Jones Industrials jumped 90.73 points to 34,390.72, though off its highs of the day.

The S&P 500 nosed up 6.83 points to 4,359.46.

The NASDAQ Composite stayed positive for much of the day, before descending into the red 34.24 points to 14,512.44.

Tech stocks, which were hit hardest during Tuesday’s market rout, struggled to hold on to a rebound on Wednesday. Shares of Apple rose more than 1{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, and Netflix jumped more than 3{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, but shares of Amazon and Alphabet declined.

The NASDAQ was in the lead when the market opened but fell behind the other major averages as the session progressed and Treasury yields recovered.

Meanwhile, defensive stocks performed well as the utilities sector outperformed. Additionally, aerospace giant Boeing rose more than 3{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} to be one of the best performers in the Dow. Energy stocks rose again even as natural gas prices pulled back sharply.

Semiconductor stocks dipped after Micron gave an earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates. Nvidia and Advanced Micro Devices also declined.

Meanwhile, shares of discount retailer Dollar Tree jumped 16{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, making it a top performer in the S&P 500, after the company announced that it was increasing its stock buybacks and experimenting with higher prices in some locations.

Prices for 10-year Treasurys gained ground, lowering yields to 1.53{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} from Tuesday’s 1.54{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}. Treasury prices and yields move in opposite directions.

Oil prices faded 63 cents to $74.66 U.S. a barrel.

Gold prices sank $12.30 to $1,725.3 U.S. an ounce.

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