New York, USA – Major stock indexes showed a mixed performance in afternoon trading on Wednesday. The Dow Jones Industrial Average saw gains, while the Nasdaq experienced a decline and the S&P 500 remained steady. Technology leader Nvidia saw a slight decrease in its stock price after a recent surge, as it approached a key level on the market.
The Nasdaq dipped by 0.2% as the Dow Jones Industrial Average rose by 0.3%. The S&P 500 stayed near its record high close from the previous day, while the small-cap Russell 2000 climbed by 0.6%. Trading volume was lower on both the New York Stock Exchange and the Nasdaq compared to the same time on Tuesday.
Various exchange traded funds (ETFs) exhibited mixed performance, with the Invesco QQQ Trust down by 0.4% and the Innovator IBD 50 ETF up by 0.5%. The 10-year Treasury yield increased by 3 basis points to 4.19%, while West Texas Intermediate crude oil surpassed $79 a barrel.
In the precious metals sector, the S&P Gold Shares ETF recovered by 0.8% following a 1.1% decline on Tuesday. The ETF’s gold stock reached a buy zone as it surpassed a double-bottom base with a 191.36 buy point. Meanwhile, Bitcoin’s price hovered just below $73,000, with MicroStrategy, a major investor in Bitcoin, seeing a 10% increase in its stock price.
On the stock market, Nvidia and Tesla faced fluctuations in their stock prices. Nvidia retreated by nearly 2% despite a price target increase by BofA Securities, while Tesla dropped by almost 4% following a downgrade by Wells Fargo. Other stocks, such as Cava Group, Owens Corning, and Freeport-McMoRan, experienced notable movements in their stock prices as well.
In a positive turn, Williams-Sonoma saw a significant increase in its stock price after reporting better-than-expected financial results. The upscale home furnishings retailer announced a rise in its quarterly dividend and authorized a stock repurchase program. Conversely, Dollar Tree witnessed a sharp decline in its stock price after reporting lower-than-expected earnings and sales.
Overall, the stock market saw a mix of gains and losses across various sectors. Companies like GE HealthCare Technologies, Texas Roadhouse, and Celsius also experienced notable shifts in their stock prices. Cruise line stocks, including 3M, Carnival, and Royal Caribbean, showed positive movement as well.
As market conditions continue to evolve, investors are closely monitoring these shifts and developments to make informed decisions regarding their portfolios.