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Wednesday, June 7, 2023

S&P 500, Nasdaq end Wednesday lower as market rally pauses: Live updates - CNBC

Traders work on the floor of the New York Stock Exchange. 

NYSE

The S&P 500 and Nasdaq Composite closed lower Wednesday, with the broad market index fluctuating near its highest closing levels since August 2022.

The S&P 500 ticked down 0.38% to close at 4,267.52, and the Nasdaq Composite declined 1.29% to end at 13,104.89. The Dow Jones Industrial Average, the outlier among the major averages, added 91.74 points, or 0.27%, closing at 33,665.02.

Energy was the best-performing S&P 500 sector, rising about 2.6%. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and First Trust Natural Gas ETF (FCG) added more than 3% each.

Regional banks saw their share gains continue as the SPDR S&P Regional Banking ETF (KRE) rose more than 3%. Shares of PacWest Bancorp jumped 14.4%, while Zions Bancorporation added 4.5%.

Stocks have been boosted recently as the promise of artificial intelligence lifts tech names. 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 Federal Reserve's interest rate hikes will likely 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," he 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.

Correction: The SPDR S&P Regional Banking ETF was positive for the fourth session out of the past five. An earlier version misstated the number of consecutive winning days.

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S&P 500, Nasdaq end Wednesday lower as market rally pauses: Live updates - CNBC
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