The S&P 500 was flat Wednesday as investors evaluate their holdings following a booming first half of the year led by AI plays. The S&P 500 was on track for its fourth losing day in the last five as it closes out this week a six-month gain of nearly 15%.
The Dow Jones Industrials let go of 151.15 points to 38.961.09.
The much-broader erased 1.75 points to 5,467.55.
The NASDAQ proved the anomaly, gaining 60.84 points to 17,778.50.
Nvidia added 1% Wednesday after climbing 7% on Tuesday, its first positive day in four. The artificial intelligence chipmaker’s $3.1 trillion market value has come to dominate the cap-weighted S&P 500, and its 156.6% surge in 2024 has sparked concerns that most other stocks are failing to participate in this year’s rally.
The recent pullback across the broader market has raised speculation of whether the 2024 rally, largely powered by Nvidia, has run its course.
Most stocks were lower in the S&P 500 Wednesday, but there were some positive standouts in the market. FedEx popped 12% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Rivian Automotive soared 33% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.
Prices for the 10-year Treasury slid, raising yields 4.31% from Tuesday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 37 cents at $81.20 U.S. a barrel.
Gold prices withered $19.30 to $2,311.50
