DJIA: 33,301.93, up 61.75
S&P 500: 4,183.96, up 8.76
Nasdaq: 12,488.93, down 1.81

Stocks end little changed; early rally fades

U.S. stocks finished little changed on Wednesday as an early session rebound lost steam into the close. The Dow added 61 points, while the S&P 500 eked out a gain of 0.2%, stabilizing from Tuesday’s six-week low. The Nasdaq Composite ended just below the flat line, erasing an earlier advance of as much as 1.7%. The tech-heavy index is positioned for its worst month since October 2008 (-12.2%) after suffering its steepest one-day drop since September 2020 (-4%) yesterday. Worries over aggressive monetary policy tightening, the impact of COVID-19 lockdowns in China, and the ongoing Russian-Ukraine war remain among the litany of headwinds weighing on risk appetite lately. The U.S. dollar caught a bid as a perceived safe haven asset, with one measure of the greenback surging to a five-year high.

Six of 11 S&P 500 sectors closed in negative territory. A solid earnings report and upbeat guidance from Microsoft Corp. helped Technology shares outperform. The Tech titan rallied 4.8% following a top and bottom line beat on strength in its cloud services and software segments. Meanwhile, Communication Services was the worst performing group, with Google parent Alphabet Inc. shedding 3.7% after posting slowing revenue growth on soft digital ad spending. Elsewhere, Visa Inc. jumped 6.7% on robust results fueled by strong payments volume. Boeing Co. slid 7.9% after logging a larger-than-projected quarterly loss.

Treasuries resumed their downtrend, with the yield on the 10-year note up eight basis points (0.08%) to 2.82%. On the data front, a preliminary reading on March wholesale inventories reflected a larger-than-forecasted 2.3% gain. Separately, pending home sales posted a fifth straight monthly drop.

Read more about it here.
https://bit.ly/3pIztIw