The Dow Jones Industrial Average closed at 34,230.34 on Wednesday with a gain of 97.31 points or 0.29%. The S&P 500 closed at 4,167.59 for a gain of 2.93 points or 0.07%. The Nasdaq Composite closed at 13,582.42 for a loss of 51.08 points or -0.37%. The VIX Volatility Index was lower at 19.11 for a loss of 0.37 points or -1.90%.
Wednesday's Market Movers
U.S. stocks wavered Wednesday and the major indexes closed with mixed returns. The Nasdaq Composite was lower again Wednesday. However, cryptos gained, with ethereum classic and bitcoin cash leading. Reports also showed that bitcoin will likely be coming to banks very soon. Crypto custody firm NYDIG says hundreds of banks are enrolled in the company's crypto banking offering.
In other news for the day:
- The Biden administration is pushing for intellectual property rights on Covid-19 vaccines to be waived so that production can be increased.
- Peloton (PTON, Financial) -14.56% as company says it will recall treadmills and halt Tread+ sales.
- 2020 births in the U.S. were the lowest since 1979.
- The April ADP private sector employment report showed an increase of 742,000 payrolls, up from the previous 565,000 and missing the estimate of 785,000.
- The MBA Mortgage Applications Index decreased -0.9% following a decrease of -2.5%. The MBA's average 30-year mortgage rate increased to 3.18% from 3.17%.
- The Markit Composite PMI increased to 63.5 in April from 59.7.
- The ISM Non-Manufacturing PMI decreased to 62.7 in April from 63.7. Separately, the ISM Non-Manufacturing Prices Index increased to 76.8 from 74, the ISM Non-Manufacturing New Orders Index decreased to 63.2 from 67.2, the ISM Non-Manufacturing Employment Index increased to 58.8 from 57.2, and the ISM Non-Manufacturing Business Activity Index decreased to 62.7 from 69.4.
- Crude oil inventory decreased by -9.0 million barrels, according to the EIA's Weekly Petroleum Status Report.
- The Treasury held auctions for 119-day bills at a rate of 0.025%.
- Utilities and real estate led losses.
Earnings headlines for the day included:
- Innovative Industrial Properties (IIPR, Financial): Revenue of $42.9 million beat estimates by $1.23 million. Q1 funds from operations of $1.47 beat estimates by $0.08.
- Etsy (ETSY, Financial): Revenue of $550.6 million increased 141.4% year over year and beat estimates by $20.19 million. Q1 GAAP EPS of $1.00 beat estimates by $0.12.
- PayPal (PYPL, Financial): Revenue of $6.03 billion increased 30.5% year over year and beat estimates by $130 million. Q1 GAAP EPS of $0.92 beat estimates by $0.28 and non-GAAP EPS of $1.22 beat estimates by $0.20.
- Uber (UBER, Financial): Revenue of $2.9 billion decreased -10.8% year over year and missed estimates by $380 million. Q1 GAAP EPS of -$0.06 beat estimates by $0.49.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,241.37 for a loss of 6.92 points or -0.31%. The S&P 600 closed at 1,353.81 for a loss of 0.60 points or -0.044%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,674.74 for a loss of 76.59 points or -0.52%. The Dow Jones U.S. Small-Cap Value Index closed at 11,402.31 for a gain of 13.35 points or 0.12%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,726.67 for a loss of 4.30 points or -0.16%; the S&P 100 at 1,889.01 for a gain of 1.29 points or 0.068%; the Nasdaq 100 at 13,503.37 for a loss of 41.30 points or -0.30%; the Russell 3000 at 2,488.38 for a loss of 0.91 points or -0.037%; the Russell 1000 at 2,343.24 for a loss of 0.40 points or -0.017%; the Wilshire 5000 at 43,506.46 for a loss of 20.46 points or -0.047%; and the Dow Jones US Select Dividend Index at 861.81 for a gain of 2.35 points or 0.27%.
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