US stocks pull back from highs
The S&P 500 closed Wednesday down 0.2%, retreating from record highs. The Russell 2000 fell 1.2%. The Nasdaq 100, however, gained a modest 0.1% after wobbling between the positive and negative territory.
On the economic front, new home sales declined in August. Mortgage rates continued to drop, triggering a rise in refinancing activities to its highest level since April 2022.
Utilities and technology were the only two S&P sector ETFs that advanced. Utilities was up 0.5%, thanks to Vistra and Constellation Energy, both among the best individual performers of the day. Technology added 0.3% as hardware and semiconductor stocks, including Intel and AMD, rose. HP Enterprise also jumped 5.1% after Barclays upgraded their rating for the stock, citing demand from artificial intelligence data centers.
Among the S&P 500’s losers for Wednesday were GM and Ford, down 4.9% and 4.1% each. Morgan Stanley downgraded both stocks and lowered their price targets, citing competition from China.
Declines were widespread, as only 132 S&P 500 stocks gained.
Treasury yields edged higher. Gold hit another record high. Oil prices pulled back from yesterday’s gain, as WTI crude for November delivery settled 2.6% down at $69.7 per barrel, while November Brent crude lost 2.3% to settle at $73.5 per barrel.
