exchanges, compared with the 11.1 billion daily average over the last 20 sessions.Listening to music or podcasts before bed is a great way to wind down after a long day. The S&P 500 posted 18 new 52-week highs and one new low the Nasdaq Composite recorded 55 new highs and 65 new lows.Ībout 10.3 billion shares changed hands in U.S. Shares of United Parcel Service (UPS.N) fell 2.1% after the Teamsters Union said UPS "walked away" from negotiations over a new contract, a claim the shipping giant denied.ĭeclining issues outnumbered advancing ones on the NYSE by a 2.29-to-1 ratio on Nasdaq, a 1.84-to-1 ratio favored decliners. “We are looking for somewhat of a convergence.” “We could see the largest stocks pull back, but the average stock catch up,” said Jack Ablin, chief investment officer at Cresset Capital. Megacap stocks such as Meta have led the gains so far this year for major equity indexes, including the biggest first-half increase for the Nasdaq Composite in 40 years. Shares of Meta Platforms (META.O) rose 2.9% ahead of the expected release of the company's Twitter-rival app, Threads, on Thursday.
The Philadelphia SE Semiconductor Index (.SOX) dropped 2.2%, while Intel (INTC.O) shares sank 3.3% and Texas Instruments (TXN.O) declined 1.8%. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. Meanwhile, China's services activity expanded at the slowest pace in five months in June, according to a private-sector survey.Ĭhip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions between Beijing and Washington rise over access to high-tech microchips. In data out on Wednesday, new orders for U.S.-made goods increased less than expected in May, fanning fears of an economic slowdown. Materials (.SPLRCM) fell most among S&P 500 sectors, shedding 2.5%. “Since the Fed is data dependent, so is the market.” “The markets are in a wait-and-see for the economic data,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management. Key economic data is due before the meeting, including the monthly U.S. Minutes showed a united Fed agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed.įollowing the release of the anticipated minutes, investors still largely expected the central bank to raise rates at its next meeting later this month. Federal Reserve's latest meeting and braced for significant economic data in the days to come.
July 5 (Reuters) - Wall Street's main indexes ended with modest declines on Wednesday as investors digested minutes from the U.S. US May factory orders miss expectations.Chip stocks slide on China's export curbs.Minutes: 'Almost all' Fed officials agreed to skip June hike.
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