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- US stocks finished mixed on Wednesday as the S&P 500 and Nasdaq extended their winning streaks.
- Investors are awaiting comments from Fed Chairman Jerome Powell on Thursday.
- Treasury yields continued to fall, but an auction of 10-year bonds saw lackluster demand.
US stocks finished mixed on Wednesday as the S&P 500 and Nasdaq extended their winning streaks, while the Dow ended its string of gains.
The S&P 500 has now advanced for eight straight sessions, and the Nasdaq is up nine days in a row. Both are the longest rallies since 2021. The Dow snapped its seven-day win streak.
Investor willingness to keep the rally up will be tested by upcoming Federal Reserve commentary, with Chairman Jerome Powell set to speak during a Thursday panel about monetary policy.
While central bankers kept rates steady last week, some have not taken hikes off the table as inflation remains elevated. Earlier on Wednesday, Fed Governor Lisa Cook noted that inflation could still surge, especially given geopolitical challenges.
Meanwhile, Treasury yields continued their descent from prior highs, but Wednesday's $40 billion auction of 10-year notes saw lukewarm demand.
Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:
- S&P 500: 4,382.78, up 0.10%
- Dow Jones Industrial Average: 34,112.27, down 0.12% (40.33 points)
- Nasdaq Composite: 13,650.41, up 0.08%
Here's what else happened today:
- "Bond King" Jeffrey Gundlach warned of rising debt and impending recession — read his best interview quotes here.
- WeWork's end is the start of a broader collapse in zombie companies, a market veteran said.
- Nothing works better than 30-year Treasurys after the end of Fed tightening, David Rosenberg said.
- The supply of bitcoin in circulation is at a historic low.
- Exxon Mobil beat Tesla as the most shorted stock. Check out the top 10 market shorts.
- Warner Bros. Discovery stock sank 16% after a weak earnings report.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped 1.5% to $75.63 a barrel. Brent crude, the international benchmark, dropped 2.2% to $79.56 a barrel.
- Gold fell 1.03% to $1,949.38 per ounce.
- The 10-year Treasury yield shed 5.8 basis points to 4.513%.
- Bitcoin inched up 0.25% to $35,520.