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Stock Market News: S&P 500 Flat After Record High
The Dow Jones Industrial Average edged higher and the Nasdaq Composite fell.
Last Updated:
March 13, 2024 at 7:58 PM EDT
What to Watch Today
Stocks were mostly flat Wednesday, after strong gains during the previous session when the S&P 500 closed at a record high following inflation data.
The Magnificent Seven group of megacap technology stocks were a drag, weighing on the broader market.
Tesla stock was down after Wells Fargo cut its recommendation on shares of the electric-vehicle maker to Underweight from Equal Weight and reduced the stock’s price target to $125 from $200.
Bitcoin pushed further into record territory above $73,000.
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Technology stocks dragged down the broader market on Wednesday as traders awaited key updates on retail sales and producer prices.
The Dow Jones Industrial Average was up about 39 points, or 0.1%. The S&P 500 was down 0.2%. The Nasdaq Composite was down 0.5%.
The technology sector was the biggest laggard in the S&P 500, a day after megacap tech stocks helped the S&P 500 reach a record close. More S&P 500 stocks rose on Wednesday than fell.
Most of the Magnificent Seven megacap technology stocks finished the day lower.
“The market appears cautious in advance of tomorrow's PPI report for February,” writes Navellier & Associates founder Louis Navellier. “Let's hope the market can handle any disappointment on PPI as well as they did with CPI.”
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Cocoa futures on the ICE close down 0.2% at $7,035 per metric ton, after crossing above the $7,000 mark for the first time yesterday.
Cocoa surged by roughly 10% in the first two sessions of the week. The issues driving prices higher remain the same, with West African cocoa availability lacking amid dry weather and a disease-laden crop.
"The availability of cocoa from West Africa remains restricted and projections for another production deficit against demand for the coming year are increasing," Jack Scoville of Price Futures Group says in a note.
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Treasury yields rise for the third consecutive day ahead of U.S. economic data and as markets anticipate another hold on interest rates by the Fed next week.
Weekly jobless claims tomorrow are expected to accelerate a little by economists surveyed by The Wall Street Journal, as the labor market remains tight.
February producer prices are expected to slow and retail sales are seen as accelerating. Odds of a Fed hold are priced at 99% on the CME's FedWatch tool, with investors now focusing on the post-meeting communication and the updated economic projections.
The 10-year yield rises 0.035 percentage point to 4.191% and the two-year gains 0.023 p.p. to 4.620%.
Corrections & Amplifications: This item was corrected at 3:47 p.m. ET to show that the 10-year Treasury yield rises 0.035 percentage point to 4.191%. The original version incorrectly said the 10-year yield rises 0.037 percentage point.