por admin » Mié Jun 07, 2023 1:52 pm
S&P 500 is little changed, hovers near highest level since August: Live updates
Hakyung Kim
Samantha Subin
Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange.
NYSE
Stocks were little-changed Wednesday, with the the S&P 500 trading around highest closing levels since August 2022.
The S&P 500 ticked down 0.3%. The Dow Jones Industrial Average added 80 points, or 0.2%, while the Nasdaq Composite declined 1.1%.
Energy was the best-performing S&P 500 sector, rising 2.7%. The SPDR S&P Oil & Gas Exploration & Production ETF and First Trust Natural Gas ETF added 3.6% and 3.3%, respectively.
Regional banks saw their gains continues as the SPDR S&P Regional Banking ETF (KRE) was up 3.3%, on pace toward its fourth consecutive session in the green. Shares of PacWest Bancorp jumped 14.6%, while Zion Bancorporation added 3.1% and 4.1%.
Stocks have been boosted recently as the promise of artificial intelligence lifts tech stocks. Over the past three months, the S&P 500 is up more than 7%.
However, Crossmark Global Investments chief investment officer Bob Doll warned that despite the market rally in recent days, more impact from the Fed’s interest rate hikes are likely to be felt in the future.
“We still have leading economic indicators down 13-months in a row. We still have an inverted yield curve [and] liquidity issues,” Doll told CNBC’s “Squawk on the Street” on Wednesday.
“I think they’re more there’s more impact to come. … I would be a little cautious [and] not long-route rallies,” Doll said.
The U.S. trade deficit continued to increase in April, but came in slightly below economists’ expectations. The deficit could translate into lower GDP growth for the second quarter.