The S&P 500 faced challenges in building upon its momentum on Wednesday, as traders processed the gains from the previous session that had propelled the index to a new all-time high.
During the session, the broad market index dipped by 0.1%, while the Nasdaq Composite experienced a 0.6% decline. On the other hand, the Dow Jones Industrial Average saw an increase of 114 points, equivalent to a 0.2% rise.
Nvidia registered a decrease of over 3% in its stock price, while shares of Meta and Apple also witnessed slight declines. Dollar Tree encountered a notable 13% drop following the release of its fourth-quarter financial results.
Tuesday had seen a positive performance on Wall Street, with both the S&P 500 and Nasdaq soaring by more than 1% after the release of February’s U.S. inflation data, which largely met market expectations.
Gabriela Santos, global market strategist at JPMorgan Asset Management, expressed her belief on CNBC’s “Closing Bell” that it likely won’t be the Federal Reserve that brings an end to the current economic cycle. She remarked, “Ultimately what determines the end of this expansion is going to be based on whether we have some kind of shock … Otherwise, you can be in what we would consider late cycle for a considerable amount of time.”
Investors are anticipating the upcoming release of the producer price index for February on Thursday, which will provide further insights into inflation trends.
Source (CNBC)
