U.S. equity markets ended the trading day in negative territory on Wednesday, with declines concentrated in consumer-facing and telecom-related names. The Dow Jones Industrial Average closed down 0.97%, the S&P 500 declined 1.21% and the Nasdaq Composite finished lower by 1.35%.
Session leaders and laggards
Among blue-chip components, Caterpillar Inc (NYSE:CAT) was one of the stronger performers on the Dow, rising 1.11% - a gain of 10.46 points - to finish at 955.92. Financial names also posted gains: Goldman Sachs Group Inc (NYSE:GS) added 0.78% or 8.47 points to end at 1,099.14, and JPMorgan Chase & Co (NYSE:JPM) rose 0.71% or 2.34 points to close at 333.48.
On the downside, several large-cap technology and consumer stocks saw notable declines. Salesforce Inc (NYSE:CRM) led losses on the Dow, dropping 4.12% or 6.66 points to 155.05 at the close. Microsoft Corporation (NASDAQ:MSFT) fell 3.80% or 14.98 points to 378.85, while Amazon.com Inc (NASDAQ:AMZN) was down 3.48% or 8.56 points to 237.44.
S&P 500 movers
Within the S&P 500, Moderna Inc (NASDAQ:MRNA) was the standout riser, climbing 11.55% to 61.80. Energy-related GE Vernova LLC (NYSE:GEV) gained 6.79% to settle at 1,049.03, and Western Digital Corporation (NASDAQ:WDC) added 4.56% to close at 712.13.
Conversely, CarMax Inc (NYSE:KMX) led S&P 500 decliners, falling 9.05% to 47.40. Equifax Inc (NYSE:EFX) lost 7.39% to 154.78, and Charter Communications Inc (NASDAQ:CHTR) declined 6.90% to 132.00.
Nasdaq leaders and laggards
On the Nasdaq Composite, a handful of smaller-cap and micro-cap names posted very large percentage moves. Icecure Medical Ltd (NASDAQ:ICCM) surged 200.47% to 6.40, Eshallgo Inc (NASDAQ:EHGO) rose 118.94% to 2.89, and Sleep Number Corp (NASDAQ:SNBR) jumped 118.23% to close at 0.39.
At the other end, INLIF Ltd (NASDAQ:INLF) plunged 88.74% to 0.43, Flash Sports & Media Holdings, Inc (NASDAQ:FLZH) fell 32.21% to 2.61, and Kandal M Venture Ltd (NASDAQ:FMFC) was down 25.81% to 0.25 as the session ended.
Market breadth and volatility
Declining issues outnumbered advancing ones on the New York Stock Exchange by 2,022 to 715, with 91 names unchanged. On the Nasdaq, 1,982 stocks fell while 1,421 advanced and 172 finished unchanged. The CBOE Volatility Index, a commonly watched gauge of implied volatility for S&P 500 options, was up 12.31% to 18.43.
Notable price milestones
- Moderna Inc (NASDAQ:MRNA) rose to 52-week highs, closing at 61.80 after an 11.55% advance.
- Equifax Inc (NYSE:EFX) fell to 3-year lows, closing at 154.78 following a 7.39% decline.
- Western Digital Corporation (NASDAQ:WDC) reached all-time highs, closing at 712.13 after a 4.56% gain.
- Caterpillar Inc (NYSE:CAT) also rose to all-time highs, closing at 955.92 with a 1.11% gain.
- Salesforce Inc (NYSE:CRM) fell to 3-year lows, ending at 155.05 after a 4.12% drop.
- Goldman Sachs Group Inc (NYSE:GS) reached all-time highs, closing at 1,099.14 following a 0.78% increase.
- INLIF Ltd (NASDAQ:INLF) and Kandal M Venture Ltd (NASDAQ:FMFC) fell to all-time lows, closing at 0.43 and 0.25 respectively.
Commodities and currencies
Precious metals and energy markets moved lower in tandem with equities. Gold futures for August delivery dropped 1.74% or 75.89 to $4,278.51 a troy ounce. In energy, crude oil for July delivery fell 0.25% or 0.19 to $75.86 a barrel, while the August Brent contract declined 0.18% or 0.14 to trade at $78.82 a barrel.
In foreign exchange, the euro weakened against the dollar - EUR/USD was down 0.94% to 1.15 - while USD/JPY rose 0.16% to 160.69. The US Dollar Index Futures climbed 0.91% to 100.18.
Investor takeaway
Wednesday's action left major U.S. indexes lower with selling concentrated in consumer-oriented sectors and a number of high-profile technology and consumer stocks posting declines. Market breadth favored decliners, volatility ticked higher and commodities and the dollar moved in tandem with equity weakness. The mixed set of winners and losers across large caps and micro-cap names produced a broad distribution of performance as the session concluded.
Note: For investors evaluating Caterpillar Inc (NYSE:CAT), there are valuation tools and resources available that use multiple industry models to assess fair value.