Source: Sharecast
The Dow finished 0.16% higher, while the Nasdaq rose 0.07%, edging closer to its peak registered in December. The S&P 500, however, gained 0.24% to a new high of 6,144.15 – surpassing a previous record set on Tuesday.
"It’s fair to say that the records were hit without fanfare, and that the S&P and NASDAQ have yet to break out decisively from their current consolidation patterns which have been building since December," said David Morrison, senior market analyst at Trade Nation.
"The two indices are up 4.0% and 5.5% respectively since the beginning of this year. And yet the performance of the individual constituents of the ‘Magnificent Seven’, a group which has led the overall market for many years, both up and down, has proved patchy. "
Uncertainty abounds
Concerns regarding sticky inflation and Donald Trump's trade policies remained in focus on Wednesday after the president floated the idea of imposing a 25% tariff on automotive, semiconductor and pharmaceutical imports into the US. The news caused stocks in Europe – and Germany in particular which is heavily reliant on its auto sector – to drop sharply on Wednesday.
Back on home shores, minutes from the latest Federal Open Market Committee meeting offered few surprises for markets, with policymakers showing caution in regards to any possible near-term rate cuts.
“A majority of participants observed that the current high degree of uncertainty made it appropriate for the committee to take a careful approach in considering additional adjustments to the stance of monetary policy," minutes from the 28-29 January meeting showed.
In economic news, US mortgage applications fell 6.6% in the week ended 14 February, according to the Mortgage Bankers Association of America. The Census Bureau said US housing starts dropped 9.8% to a seasonally adjusted annual rate of 1.37m, below the 1.4m expected by analysts. Building permits, on the other hand, rose 0.1% over the month to 1.48m, ahead of the 1.46m consensus forecast.
Market movers
Shares in American ecommerce marketplace Etsy fell sharply as sales over the key holiday-shopping season missed the mark. Gross merchandise sales were down 6.8% year-on-year at $3.7bn in the fourth quarter, with the company guiding to a similar decline in the first quarter of 2025.
Apple finished flat after unveiling its iPhone 16E, which will retail at $599, compared with the $799 price of the iPhone 16. However, in other news, Bank of America analysts said the tech giant would have to raise prices across the board by 9% to make up for the negative impact of Trump's trade tariffs given its reliance on parts from international manufacturers.
Southwest Airlines edged higher after allowing activist investor Elliott Investment Management to increase its economic exposure in the airline from 14.9% to 19.9%.
Online dating firm Bumble was down 30% after first-quarter guidance disappointed investors, with forecasts for revenue, margins, operating profits and user growth all coming in below estimates.
Arista Networks shares also traded 6% lower despite quarterly earnings and revenue topping Wall Street expectations.
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $10.79 8.72%
Merck & Co. Inc. (MRK) $85.60 2.77%
Unitedhealth Group Inc. (UNH) $511.04 2.06%
Verizon Communications Inc. (VZ) $42.01 1.97%
Johnson & Johnson (JNJ) $157.94 1.87%
Travelers Company Inc. (TRV) $242.35 1.66%
Walt Disney Co. (DIS) $111.35 1.63%
Coca-Cola Co. (KO) $70.07 1.48%
Intel Corp. (INTC) $25.72 1.42%
Microsoft Corp. (MSFT) $414.77 1.39%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $38.92 -2.01%
Home Depot Inc. (HD) $394.83 -1.95%
Salesforce.Com Inc. (CRM) $324.53 -1.35%
Cisco Systems Inc. (CSCO) $64.84 -1.18%
Nike Inc. (NKE) $76.76 -1.04%
McDonald's Corp. (MCD) $301.77 -0.95%
American Express Co. (AXP) $310.00 -0.94%
Goldman Sachs Group Inc. (GS) $668.15 -0.60%
Visa Inc. (V) $355.05 -0.42%
Caterpillar Inc. (CAT) $353.00 -0.28%
S&P 500 - Risers
Microchip Technology Inc. (MCHP) $63.59 11.66%
Analog Devices Inc. (ADI) $241.66 10.58%
Walgreens Boots Alliance, Inc. (WBA) $10.79 8.72%
Devon Energy Corp. (DVN) $37.58 7.71%
Texas Instruments Inc (TXN) $196.32 6.46%
Monster Beverage Corp (MNST) $51.69 4.50%
Occidental Petroleum Corp. (OXY) $51.01 4.40%
NetApp Inc. (NTAP) $124.23 3.86%
Vertex Pharmaceuticals Inc. (VRTX) $471.76 3.70%
Intuitive Surgical Inc. (ISRG) $608.86 3.66%
S&P 500 - Fallers
Celanese Corp. (CE) $54.91 -21.46%
Cadence Design Systems Inc. (CDNS) $277.26 -6.96%
Flowserve Corp. (FLS) $59.05 -6.50%
Arista Networks Inc. (ANET) $103.92 -6.43%
International Flavors & Fragrances Inc. (IFF) $81.99 -5.16%
Synopsys Inc. (SNPS) $500.98 -4.97%
Dxc Technology Company (DXC) $20.36 -4.78%
Meta Platforms Inc. (META) $703.77 -4.05%
Norfolk Southern Corp. (NSC) $248.91 -3.63%
Jefferies Financial Group Inc. (JEF) $69.48 -3.39%
Nasdaq 100 - Risers
Microchip Technology Inc. (MCHP) $63.59 11.66%
Analog Devices Inc. (ADI) $241.66 10.58%
Walgreens Boots Alliance, Inc. (WBA) $10.79 8.72%
Texas Instruments Inc (TXN) $196.32 6.46%
Monster Beverage Corp (MNST) $51.69 4.50%
Vertex Pharmaceuticals Inc. (VRTX) $471.76 3.70%
Intuitive Surgical Inc. (ISRG) $608.86 3.66%
Dollar Tree Inc (DLTR) $75.62 3.66%
Comcast Corp. (CMCSA) $36.48 3.65%
Cintas Corp. (CTAS) $208.14 3.13%
Nasdaq 100 - Fallers
Sirius XM Holdings Inc (SIRI) $25.21 -7.39%
Cadence Design Systems Inc. (CDNS) $277.26 -6.96%
Synopsys Inc. (SNPS) $500.98 -4.97%
Meta Platforms Inc. (META) $703.77 -4.05%
Baidu Inc. (BIDU) $88.03 -3.07%
Qurate Retail Inc. (QRTEA) $0.36 -3.07%
CSX Corp. (CSX) $32.44 -2.77%
Nvidia Corp. (NVDA) $139.23 -2.53%
Align Technology Inc. (ALGN) $201.79 -1.80%
Asml Holdings N.V. (ASML) $744.80 -1.71%