US stocks wavered to a mixed close on Wall Street Wednesday as technology stocks once again weighed down the market. Declines for several influential tech heavyweights, including Microsoft, pulled the broader market lower even though most stocks in the S&P 500 gained ground.
Market Performance
The S&P 500 fell 7.24 points, or 0.1%, to 7,358.22, despite nearly 2 out of every 3 stocks gaining ground. The Dow Jones Industrial Average, which is less weighted with tech stocks, rose 182.06 points, or 0.4%, to 51,848.90. The tech-heavy Nasdaq composite fell 110.40 points, or 0.4%, to 25,476.64.
A 2.3% drop in Microsoft was the heaviest weight on the market. Oracle slumped 4.6%. Many large tech companies have been behind Wall Street’s record-setting run throughout the year, but analysts have warned their valuations may have become stretched.
Google’s parent company Alphabet slipped 0.2%. The company is replacing Verizon in the Dow on Monday. The company’s inclusion in the S&P 500 means more to investors, however, because 401(k) accounts are much more likely to include an S&P 500 index fund than anything tied to the Dow.
Oil prices continued slipping as the U.S. and Iran negotiate a possible end to their war. Brent crude, the international standard, fell 3.8% to $73.87 a barrel. It has been trading below $80 in recent days but is still above the roughly $70 per barrel it was trading at in late February before the war began. U.S. crude prices fell 3.9% to $70.34 a barrel.
Treasury yields mostly fell, removing some pressure from stocks. The yield on the 10-year Treasury fell to 4.40% from 4.50% late Tuesday. The yield on the 2-year Treasury eased to 4.15% from 4.16%.
Original reporting: Texarkana Gazette — read the source article.
