S&P 500, Nasdaq muted as AI rally pauses, investors await Mideast news
The S&P 500 and Nasdaq experienced muted trading as investors paused from the recent AI-led rally. Banking stocks declined following warnings from JPMorgan Chase's CEO about rising expenses. Despite this, the Dow Jones saw a slight increase, supported by gains in healthcare and consumer stocks.
- ▪The S&P 500 lost 4.13 points, while the Nasdaq dropped 13.31 points.
- ▪JPMorgan Chase's CEO warned of $1 billion in higher expenses this year, contributing to a decline in banking stocks.
- ▪The Philadelphia SE Semiconductor index lost 1.8 percent after reaching a record high.
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Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York, Wednesday. AFP-YonhapThe S&P 500 and the Nasdaq were muted on Wednesday in choppy trading, as investors took a pause from the AI-led market rally, while remaining cautious on progress in Middle East talks.Banking stocks were down after a slide of almost 2.9 percent for JPMorgan Chase after CEO Jamie Dimon warned that expenses this year could be $1 billion higher than estimated.The White House denied reports from Iran's state TV that Tehran would restore Strait of Hormuz shipping within a month in exchange for a U.S. military pullback and lifting of a naval blockade. Still, indexes traded near record highs. The Dow Jones nudged higher, lifted by a rotation into healthcare and consumer stocks.
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