Wall Street split decisively at midday Wednesday as the Dow Jones Industrial Average punched to a fresh all-time high while the Nasdaq 100 retreated.
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The Nasdaq 100 dropped 0.7% to 29,801, pressured by chip producers and AI hyperscalers retreating from record highs.
The S&P 500 edged 0.2% lower to 7,508 after brushing a record peak earlier in the session, while the Dow Jones Industrial Average advanced roughly 160 points or 0.3% to 50,622.
Within the Dow, Procter & Gamble Co. (NYSE:PG) jumped 3.3% and Eli Lilly & Co. (NYSE:LLY) rallied up to 3.5%,
The Iranian state media reportedly announced a draft framework to reopen the Strait of Hormuz, only for the White House to deny the document. Speaking from his Cabinet meeting, President Donald Trump tempered ceasefire optimism, telling reporters, “We’re not there yet on an Iran deal.”
That dynamic was enough to send crude prices and long-end Treasury yields lower while equity markets fractured along sector lines.
WTI crude oil tumbled 3.9% to $90.26 per barrel, and Brent crude slid 3.6% to $95.99, both extending a multi-week decline as traders price out the most bullish scenarios for a prolonged Persian Gulf shock.
The yield on the U.S. 10-year Treasury note held near a two-week low at 4.49%, well off the 16-month high of 4.7% touched on May 20, as the energy slide eased inflation pressure.
Wednesday’s Performance In Major U.S. Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,507.85 | -0.15% |
| Dow Jones | 50,622.11 | +0.32% |
| Nasdaq 100 | 29,800.64 | -0.67% |
| Russell 2000 | 2,916.10 | -0.17% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) slipped 0.2%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.3%.
- The Invesco QQQ Trust (NASDAQ:QQQ) fell 0.7%.
- The iShares Russell 2000 ETF (NYSE:IWM) edged 0.2% lower.
Casinos and Cruise Lines Power Rally While Chips Retreat
The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) led S&P 500 sectors with a 1.6% gain, powered by hospitality, gaming and travel names.
On the downside, the Energy Select Sector SPDR Fund (NYSE:XLE) fell 1% with crude and the Technology Select Sector SPDR Fund (NYSE:XLK) shed 0.7% on the semiconductor pullback.
The travel-leisure trade was the cleanest story of the tape: the U.S. Global Jets ETF (NYSE:JETS) jumped 3.2% as the oil drop boosted carrier margins. The SPDR S&P Retail ETF (NYSE:XRT) climbed 1.5% on the back of strong retail earnings prints.
On the losing side, the VanEck Semiconductor ETF (NASDAQ:SMH) tumbled 1.6%, the VanEck Oil Services ETF (NYSE:OIH) sank 3.4% with crude.
Nvidia Corp. (NASDAQ:NVDA) fell for the fourth straight session.
Despite the broader chips pullback, shares of Micron Technology Inc. (NASDAQ:MU) were up 2.2%, after a 19% surge on Tuesday.
Cruise operators ran higher in sympathy with the broader leisure rally: Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) rose 4.9%, Carnival Corp. (NYSE:CCL) added 3.8%, and Royal Caribbean Cruises Ltd. (NYSE:RCL) traded firmly higher.
MGM Resorts International (NYSE:MGM) surged nearly 11% after JPMorgan upgraded the casino operator to Overweight from Neutral. Truist piled on with a bullish call, citing a “Strip inflection.”
AppLovin Corp (NASDAQ:APP) jumped 10.2% after an Edgewater note flagged that Meta Platforms is unlikely to bid on non-IDFA iOS traffic in the near term, removing a competitive overhang ahead of the June launch of the company’s self-serve AXON ad platform.
Bath & Body Works Inc. (NYSE:BBWI) popped 8.7% after the retailer posted first-quarter adjusted EPS of 32 cents versus the $29 cents consensus on revenue of $1.4 billion (versus $1.36 billion expected) and reaffirmed full-year guidance.
On the downside, Zscaler Inc. (NASDAQ:ZS) collapsed 31% after the cybersecurity firm guided current-quarter revenue below Wall Street expectations on its Tuesday post-close report.
Boston Scientific Corp. (NYSE:BSX) sank 11.7% after management cut full-year organic growth guidance to a 6.5%-8% range at a Bernstein conference.
Qualcomm Inc. (NASDAQ:QCOM) dropped 8.1% with no fresh company-specific news on the tape, with the move consistent with profit-taking across the chip cohort.
Wednesday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| MGM Resorts International | +10.79% |
| AppLovin Corporation | +10.22% |
| Bath & Body Works, Inc. | +8.73% |
| Celsius Holdings Inc. (NASDAQ:CELH) | +8.39% |
| PENN Entertainment Inc. (NASDAQ:PENN) | +8.35% |
Wednesday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| Zscaler, Inc. | -31% |
| Boston Scientific Corporation | -11.67% |
| GLOBALFOUNDRIES Inc. (NASDAQ:GFS) | -10.57% |
| QUALCOMM Incorporated | -8.10% |
| Insulet Corporation (NASDAQ:PODD) | -6.40% |
Photo: Shutterstock
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