finance
S&P 500 Falls 0.1 Percent as Tech Stocks Decline
Major U.S. stock indexes closed mixed Wednesday. The S&P 500 and Nasdaq declined while the Dow Jones industrial average rose.
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The S&P 500 fell 7.24 points, or 0.1 percent, to 7,358.22 on Wednesday. Nearly two-thirds of its stocks rose, but losses in several large technology companies pulled the index lower. The Dow Jones industrial average gained 182.06 points, or 0.4 percent, to 51,848.90. The tech-heavy Nasdaq composite dropped 110.40 points, or 0.4 percent, to 25,476.64.
Microsoft shares fell 2.3 percent, the largest single drag on the S&P 500. Oracle declined 4.6 percent. Alphabet slipped 0.2 percent ahead of its planned addition to the Dow Jones industrial average on Monday. Jason Vaillancourt, chief portfolio strategist at Columbia Threadneedle, said in a research note that the next phase of the AI investment cycle is beginning to collide with market discipline.
Brent crude fell 3.8 percent to $73.87 a barrel.
U.S. crude dropped 3.9 percent to $70.34 a barrel. ExxonMobil declined 2 percent and Chevron lost 2.6 percent. The yield on the 10-year Treasury fell to 4.40 percent from 4.50 percent. The two-year Treasury yield eased to 4.15 percent from 4.16 percent.
Home rose 16.7 percent and D.R.
Horton gained 6.7 percent after legislation benefiting homebuilders was approved. The Personal Consumption Expenditures price index for May is scheduled for release Thursday, with economists expecting a 4.1 percent year-over-year increase. Gold prices fell 3.4 percent to $4,008.80 an ounce after briefly trading below $4,000 earlier in the session.
