U.S. stocks ended mixed on Wednesday, with the Nasdaq eking out a modest gain while the Dow and S&P 500 both slipped, as investors reacted cautiously to the Fedās latest policy update. The central bank held rates steady and maintained its outlook for potential cuts later this year, but the lack of immediate action kept broader enthusiasm in check. Financials and healthcare offered some stability, with JPMorgan (JPM) and CVS Health (CVS) ticking higher on steady sector flows. However, weakness in energy and industrials dragged on the Dow, as names like Exxon Mobil (XOM) and UPS (UPS) lost ground. Apple (AAPL) gave back some recent gains, while MGM Resorts (MGM) rose on signs of resilient travel demand. Overall, the session reflected selective positioning as traders look for confirmation from incoming inflation data and earnings updates before making bigger moves. Market Drivers: š±Technology: Amazon & AMD Dip: Amazon (AMZN) pulled back after announcing staffing cuts and signaling adjustments to its AI hiring strategy. Advanced Micro Devices (AMD) also slipped, pressured by concerns around softening semiconductor demand and a cooldown following recent gains. š¦ Financials: Wells Fargo & Morgan Stanley Advance: Wells Fargo (WFC) led financial sector gains as expectations grew for regulatory relief on capital buffers for large banks. Morgan Stanley (MS) also moved higher, supported by strength in its advisory and trading divisions. š Automotive: GM Holds, Nikola Slumps: General Motors (GM) held steady despite mixed sentiment in the industrial space, buoyed by new structural fleet order announcements. Nikola (NKLA), on the other hand, extended its decline as investor confidence remained shaken amid its ongoing bankruptcy proceedings.
š„ Healthcare: Merck Rallies, UnitedHealth Pauses: Merck (MRK) rose on renewed optimism surrounding its oncology pipeline and broader long-term growth outlook. UnitedHealth (UNH) edged slightly lower, with investors showing caution ahead of upcoming insurer earnings and sector rotation. š Consumer Discretionary: Starbucks Climbs, Nike Pulls Back: Starbucks (SBUX) gained as foot traffic and consumer cafĆ© spending showed resilience in early summer trends. Nike (NKE) declined following a lowered analyst outlook tied to challenges in global demand and inventory management in the athletic apparel space. Discover the Ticker That Soared 19,759% in the Last Bull Run [ad] |