Wall Street retreated Wednesday as weakness in technology and financial stocks dragged major indexes lower, with investors remaining cautious ahead of a closely watched Supreme Court ruling on the legality of President Donald Trump’s tariffs.
According to Polymarket, there is only a 35% chance judges will rule in favor of Trump’s tariffs.
The Nasdaq 100 slid more than 1.5% by midday trading in New York, on pace for its worst session in nearly a month. Semiconductors led the selloff, with shares of Broadcom Inc. (NASDAQ:AVGO), Oracle Corp. (NYSE:ORCL) and Nvidia Corp. (NASDAQ:NVDA) down roughly 5%, 4.5% and 2.5%, respectively.
The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average edged 0.5% lower. The CBOE Volatility Index or VIX rose 11%.
Bank stocks were among the hardest hit after earnings misses from Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC), sending shares of both lenders down by 4%.
Energy was the standout sector, rising more than 2.4% to its highest level since November 2024 as oil prices eyed a sixth straight day of gains. West Texas Intermediate crude climbed over 1% to $62 a barrel, with geopolitical risks tied to Iran continuing to shape the global energy market.
In commodities, gold rose 0.5% to $4,610 an ounce, while silver extended its record-breaking rally above $90 an ounce, gaining another 4%.
Crypto markets also showed signs of renewed momentum, with Bitcoin (CRYPTO: BTC) rising for a fourth consecutive session to $97,000.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
| Russell 2000 | 2,628.77 | -0.2% |
| Dow Jones | 48,956.34 | -0.5% |
| S&P 500 | 6,896.32 | -1.0% |
| Nasdaq 100 | 25,309.80 | -1.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) slid 1.04% to $631.42.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) dropped 0.56% to $489.19.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) sank 1.71% to $615.56.
- The iShares Russell 2000 ETF (NYSE:IWM) edged down 0.19% to $260.85.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2.3%; the Technology Select Sector SPDR Fund lagged, down 2.0%.
Russell 1000’s Top Gainers On Wednesday
| Stock Name | % Change |
|---|---|
| Viking Therapeutics, Inc. (NASDAQ:VKTX) | +9.06% |
| The Mosaic Company (NYSE:MOS) | +6.26% |
| MP Materials Corp. (NYSE:MP) | +6.03% |
| LyondellBasell Industries N.V. (NYSE:LYB) | +6.02% |
| Allegro MicroSystems, Inc. (NASDAQ:ALGM) | +5.91% |
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