FM:CC - S&P Inches Higher for Second Straight Day
The S&P 500 was little changed Wednesday as investors evaluate their holdings following a booming first half of the year led by artificial intelligence plays. The index was on track for its fourth losing day in the past five as it closes out this week with a six-month gain of nearly 15%.
The Dow Jones Industrials fought their way into plus values, gaining 15.57 points to close Wednesday at 39,127.73.
The much-broader index eked ahead 8.61 points to 5,477.91.
The NASDAQ gained 87.5 points to 17,805.16. The NASDAQ is set for a 18.2% first-half gain because of a big run in Nvidia.
Nvidia declined 0.9% Wednesday after climbing 7% on Tuesday, its first positive day in four. The AI chipmaker's $3.1-trillion market value has come to dominate the cap-weighted S&P 500, and its 150% surge in 2024 has sparked concerns that most other stocks are failing to participate in this year's rally.
Most stocks were lower in the S&P 500 on Wednesday, but there were some positive standouts in the market. FedEx popped 12% after issuing better-than-expected fiscal fourth-quarter results. Rivian Automotive soared 21% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.
Stocks were also sluggish as investors await fresh inflation data on Friday with the release of May's personal consumption expenditures price index. The Federal Reserve keeps a close eye on this gauge, and investors are hopeful that the central bank will lower interest rates at some point later this year if price increases continue to moderate.
Prices for the 10-year Treasury slid, raising yields 4.32% from Tuesday's 4.24%. Treasury prices and yields move in opposite directions.
Oil prices shed 22 cents at $80.61 U.S. a barrel.
Gold prices withered $21.20 to $2,309.60