The Dow Jones Industrial Average closed at 34,447.14 on Wednesday with a loss of 152.68 points or -0.44%. The S&P 500 closed at 4,219.55 for a loss of 7.71 points or -0.18%. The Nasdaq Composite closed at 13,911.75 for a loss of 13.16 points or -0.09%. The VIX Volatility Index was higher at 17.89 for a gain of 0.82 points or 4.80%.
Wednesday’s Market Movers
U.S. stocks were lower Wednesday. The major indexes ended with losses as valuations resisted record highs, particularly for the S&P 500. The iShares Nasdaq Biotechnology ETF (IBB, Financial) gained 1.54%. Biogen (BIIB, Financial) gained 2.93% with more support for its Alzheimer’s drug. Pfizer (PFE) also gained 2.47% with an approval for its pneumonia vaccine as well as plans to help support global vaccination efforts. The Industrial Select Sector SPDR Fund (XLI) led the day’s sector losses with a return of -1.02%.
In other news:
- U.S. President Joe Biden has changed diligence against TikTok and WeChat, now calling for security investigations.
- The Center for Disease Control eased travel guidance classifications. It advises people to be fully vaccinated and avoid travel to level three and four countries.
- The U.S and U.K have plans to reopen travel.
- JBS paid an $11 million ransom following a cyberattack.
- The MBA Mortgage Applications Index decreased -3.1% following a decrease of -4%. The MBA’s average 30-year mortgage rate decreased to 3.15% from 3.17%.
- Wholesale inventories increased 0.8% in April following an increase of 1.2%.
- Crude oil inventory decreased by -6.6 million barrels, according to the EIA’s Weekly Petroleum Status Report.
- The Treasury held an auction for 10-year notes at a rate of 1.497%.
- Interactive Brokers has plans to begin trading cryptocurrencies.
Across the board:
- GameStop (GME, Financial) gained 0.85% with an after-market earnings release and executive announcements. Revenue of $1.28 billion increased 25.5% year over year and beat estimates by $120 million. Q1 GAAP EPS of -$1.01 missed estimates by $0.24 and non-GAAP EPS of -$0.45 beat estimates by $0.38. The company announced that its new CEO and CFO roles will be filled by former Amazon (AMZN) executives. The company also announced plans for more share sales.
- Marqeta (MQ, Financial) gained 13.04% in its initial public offering.
- Clean Energy Fuels (CLNE, Financial) 31.52%
- DoorDash (DASH, Financial) launched in Japan and gained 0.16%.
- The 10-year Treasury yield fell below 1.5% to close with a yield of approximately 1.486%.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,327.13 for a loss of 16.63 points or -0.71%. The S&P 600 closed at 1,401.91 for a loss of 12.21 points or -0.86%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,165.80 for a loss of 110.53 points or -0.72%. The Dow Jones U.S. Small-Cap Value Index closed at 11,750.27 for a loss of 99.44 points or -0.84%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,732.37 for a loss of 17.95 points or -0.65%; the S&P 100 at 1,915.81 for a loss of 1.06 points or -0.055%; the Nasdaq 100 at 13,814.94 for a gain of 4.08 points or 0.030%; the Russell 3000 at 2,525.11 for a loss of -6.36 points or -0.25%; the Russell 1000 at 2,373.89 for a loss of 5.18 points or -0.22%; the Wilshire 5000 at 44,203.04 for a loss of 106.73 points or -0.24%; and the Dow Jones US Select Dividend Index at 865.96 for a loss of 3.07 points or -0.35%.
