US close: S&P falls back on mixed day for equities

(Sharecast News) - Wall Street finished in a mixed state on Wednesday, as the S&P 500 retreated from its previous record close. The Dow Jones Industrial Average edged up 0.1% to reach 39,043.32 points.

However, the S&P 500 declined 0.19% to settle at 5,165.31 points, while the Nasdaq Composite saw a dip of 0.54% to stand at 16,177.77 points.

In currency markets, the dollar was last down 0.01% on sterling to trade at 78.13p, while it slipped 0.02% against the euro to 91.32 euro cents.

The greenback also recorded a slight decrease on the yen, retreating 0.06% to change hands at JPY 147.67.

"The rebound in Chinese markets is catching the attention this side of the globe, as mining stocks in London lead the way higher," said IG chief market analyst Chris Beauchamp earlier.

"After huge outflows from Chinese markets over the last year, it looks like investor confidence in the outlook is returning, along with hopes of renewed raw material demand."

Beauchamp added that sector rotation was continuing across the pond, as the Dow Jones managed to make gains even as the Nasdaq came under some pressure.

"The rally in stocks has moved into a choppier phase, a change from the relentless gains of the fourth quarter of 2023, and the sideways price action could intensify as we begin the run towards next week's Fed decision."

Mortgage applications rising slightly slower

In economic news, mortgage applications in the US saw a notable uptick in the week ended 8 March, according to data from the Mortgage Bankers Association.

The overall increase of 7.1% marked a slight slowdown from the prior week's surge of 9.7%.

Notably, applications for home purchases advanced by 4.7%, while those for refinancing home loans experienced a significant jump of 12.2%.

Concurrently, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped by 18 basis points to 6.84%, hitting its lowest level in five weeks.

"Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months," said MBA chief economist Mike Fratantoni.

Across the Atlantic, the UK's economy showed signs of recovery as it returned to growth in January.

Data from the Office for National Statistics revealed a 0.2% increase in gross domestic product (GDP) for the month, aligning with market expectations.

That growth came after a slight 0.1% drop in December.

Meanwhile, the eurozone saw a significant decline in industrial production in January, surpassing analysts' expectations.

Eurostat reported a sharp 3.2% drop in industrial production within the euro area and a 2.1% decline across the wider EU bloc.

That was a stark contrast to the prior month, which saw revised growth figures of 1.6% in both areas.

Dollar Tree, Tesla in focus on the downside

In equities, Dollar Tree tumbled 14.21% on the back of a fourth-quarter profit miss.

The discount retailer also gave a downbeat outlook and announced plans to close a large number of Family Dollar stores.

Sector peer Dollar General was also in the red, closing down 1.89%.

Elsewhere, Tesla declined 4.54% after a downgrade from Wells Fargo, which shifted its rating on the electric car maker from hold to sell.

Wells Fargo also slashed Tesla's price target to $125 per share from $200.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

3M Co. (MMM) $104.07 5.42% Travelers Company Inc. (TRV) $223.49 1.37% Chevron Corp. (CVX) $153.89 1.32% Caterpillar Inc. (CAT) $341.52 1.27% Home Depot Inc. (HD) $379.58 1.19% Nike Inc. (NKE) $101.36 1.18% Goldman Sachs Group Inc. (GS) $392.03 1.06% Coca-Cola Co. (KO) $61.12 1.02% JP Morgan Chase & Co. (JPM) $191.38 0.81% Dow Chemical Co. (DOW) $57.89 0.50%

Dow Jones - Fallers

Intel Corp. (INTC) $43.23 -4.44% McDonald's Corp. (MCD) $282.86 -3.89% Apple Inc. (AAPL) $171.13 -1.21% Walgreens Boots Alliance, Inc. (WBA) $21.05 -1.08% Boeing Co. (BA) $182.35 -1.03% Johnson & Johnson (JNJ) $161.10 -1.01% Salesforce.Com Inc. (CRM) $304.68 -0.63% International Business Machines Corporation (CDI) (IBM) $196.71 -0.55% Merck & Co. Inc. (MRK) $122.16 -0.41% Unitedhealth Group Inc. (UNH) $488.00 -0.28%

S&P 500 - Risers

Freeport-McMoRan Inc (FCX) $43.41 7.56% 3M Co. (MMM) $104.07 5.42% Valero Energy Corp. (VLO) $158.63 5.24% HF Sinclair Corporation (DINO) $59.30 5.17% Bread Financial Holdings, Inc. (BFH) $38.24 4.74% Marathon Petroleum Corporation (MPC) $188.89 4.24% NextEra Energy Inc. (NEE) $59.54 4.18% FMC Technologies Inc. (FTI) $23.20 4.08% Paypal Holdings Inc (PYPL) $62.45 4.03% Estee Lauder Co. Inc. (EL) $157.64 3.85%

S&P 500 - Fallers

Dollar Tree Inc (DLTR) $128.42 -14.21% Foot Locker Inc. (FL) $23.18 -4.77% CenturyLink Inc. (LUMN) $1.64 -4.65% Nektar Therapeutics (NKTR) $0.85 -4.49% Intel Corp. (INTC) $43.23 -4.44% Globe Life Inc. (GL) $119.44 -4.24% Advanced Micro Devices Inc. (AMD) $194.79 -3.93% Cardinal Health Inc. (CAH) $110.95 -3.93% McDonald's Corp. (MCD) $282.86 -3.89% Qorvo, Inc. (QRVO) $116.13 -3.36%

Nasdaq 100 - Risers

Paypal Holdings Inc (PYPL) $62.45 4.03% Align Technology Inc. (ALGN) $320.69 3.22% eBay Inc. (EBAY) $52.41 2.95% Baidu Inc. (BIDU) $107.89 2.49% JD.com, Inc. (JD) $28.01 2.34% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $567.18 2.09% Monster Beverage Corp (MNST) $60.85 1.72% DENTSPLY Sirona Inc. (XRAY) $34.13 1.55% Charter Communications Inc. (CHTR) $298.40 1.26% Henry Schein Inc. (HSIC) $75.34 1.24%

Nasdaq 100 - Fallers

Dollar Tree Inc (DLTR) $128.42 -14.21% Vodafone Group Plc ADS (VOD) $8.56 -4.68% Tesla Inc (TSLA) $169.48 -4.54% Intel Corp. (INTC) $43.23 -4.44% Micron Technology Inc. (MU) $94.16 -3.35% Synopsys Inc. (SNPS) $561.20 -2.69% Seagate Technology Plc (STX) $88.67 -2.68% Broadcom Inc. (AVGO) $1,257.87 -2.63% Lam Research Corp. (LRCX) $926.71 -2.54% QUALCOMM Inc. (QCOM) $169.25 -2.21%