Market Splits Ahead of Near-Certain Rate Hike
The US stock market split into three directions on Wednesday as oil prices fell and bond yields retreated from 5%.
The Nasdaq Composite (^IXIC) led the gains, rising 0.7%, while the S&P 500 (^GSPC) added 0.3%. Meanwhile, the Dow Jones Industrial Average (^DJI) remained flat, down less than 0.1%, despite 18 of its 30 stocks posting higher prices.
The decline in oil prices, which fell over 3% after a report showed energy inventories rose last week, weighed heavily on energy stocks. The United States Oil Fund (USO) dropped 3%, while Chevron (CVX) and ExxonMobil (XOM) both fell more than 2%.
However, AI infrastructure names bounced back after several losing sessions, with Nvidia (NVDA) rising 1.8% and Advanced Micro Devices (AMD) gaining 3.8%. SpaceX also surged 5.7% following news of its next Starship test flight.