U.S. equity trading ended with a split tape on Wednesday, as strength in the Oil & Gas, Technology and Basic Materials sectors supported gains across parts of the market while Telecoms, Financials and Utilities weighed on other areas.
The Dow Jones Industrial Average closed down 0.61% and reached a new three-month low. The S&P 500 finished lower by 0.08%, while the Nasdaq Composite ticked up 0.08% by the close in New York.
Dow movers
Among Dow components, Chevron Corp (NYSE:CVX) was the session's top performer, rising 2.95% or 5.50 points to finish at 191.79. UnitedHealth Group (NYSE:UNH) added 1.06% or 2.98 points to close at 285.32, and American Express Company (NYSE:AXP) gained 0.94% or 2.84 points to end the day at 305.99.
At the other end of the index, Sherwin-Williams Co (NYSE:SHW) fell 2.30% or 7.59 points to 322.74. Home Depot Inc (NYSE:HD) declined 1.77% or 6.31 points to 350.84, and Visa Inc Class A (NYSE:V) slipped 1.74% or 5.47 points to 308.96.
S&P 500 notable gains and declines
On the S&P 500, Caesars Entertainment Corporation (NASDAQ:CZR) led advancers, jumping 11.80% to 29.08. The Mosaic Company (NYSE:MOS) increased 10.05% to settle at 29.14, and Oracle Corporation (NYSE:ORCL) rose 9.18% to close at 163.12.
Significant declines on the S&P 500 included Fair Isaac Corporation (NYSE:FICO), which fell 9.38% to 1,164.55, Campbells Co (NASDAQ:CPB), down 7.05% to 22.94, and Conagra Brands Inc (NYSE:CAG), which dropped 6.08% to 16.98 at the close.
Nasdaq session extremes
The Nasdaq Composite saw extreme moves among smaller-cap names. Wearable Devices Ltd (NASDAQ:WLDS) surged 163.24% to 1.79. Acurx Pharmaceuticals LLC (NASDAQ:ACXP) climbed 107.24% to 6.01, and XCF Global Inc (NASDAQ:SAFX) gained 74.50% to finish at 0.50.
Conversely, Innovation Beverage Group Ltd (NASDAQ:IBG) fell 36.16% to 2.26, Zeta Network Group (NASDAQ:ZNB) dropped 32.88% to 0.11, and Quantum BioPharma Ltd (NASDAQ:QNTM) declined 25.00% to 2.10.
Market breadth and notable price milestones
Decliners outnumbered advancers on the New York Stock Exchange by 1,678 to 1,048, with 94 issues unchanged. On the Nasdaq, 1,872 stocks fell and 1,471 advanced, while 222 ended unchanged.
Several listed stocks recorded notable price milestones in the session. Shares of Fair Isaac Corporation (NYSE:FICO) fell to 52-week lows after a 9.38% decline to 1,164.55. Campbells Co (NASDAQ:CPB) dropped to five-year lows, losing 7.05% to 22.94. Chevron Corp (NYSE:CVX) rose to an all-time high, gaining 2.95% to 191.79. Wearable Devices Ltd (NASDAQ:WLDS) rose to an all-time high of 1.79 after its 163.24% jump. Innovation Beverage Group Ltd (NASDAQ:IBG), Zeta Network Group (NASDAQ:ZNB), and Quantum BioPharma Ltd (NASDAQ:QNTM) each fell to all-time lows following their respective declines to 2.26, 0.11 and 2.10.
Volatility, commodities and currencies
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 2.85% at 24.22.
In commodities, Gold Futures for April delivery were reported down 1.09% or 57.04 to 5,185.06 a troy ounce. Crude oil for April delivery rose 5.58% or 4.66 to $88.11 a barrel, while the May Brent oil contract increased 5.51% or 4.84 to trade at $92.64 a barrel.
In foreign exchange trading, EUR/USD was reported unchanged at 1.16 with a movement noted as 0.34%, while USD/JPY rose 0.56% to 158.94. The US Dollar Index Futures was up 0.42% at 99.23.
What this means
Wednesday's session left major averages moving in diverging directions, with energy and select technology and materials stocks providing support even as telecoms, financials and utilities exerted downward pressure. Market breadth favored decliners on both the NYSE and Nasdaq, and volatility, as measured by the VIX, edged lower.