The S&P 500 finished Wednesday slightly lower, ending its four-session winning streak with an uneventful, range-bound performance. The benchmark index lost less than 0.1%, remaining within 0.5% of its January 26 record high. The Nasdaq ticked higher, adding 0.1%, while the Dow shed 0.2%.
Sector movement was relatively modest, as no group advanced or declined more than 0.8%. The financials (+0.3%) and technology (+0.3%) spaces were among the top performers, using their influence to balance losses elsewhere. The two groups are heavily-weighted, representing around 40% of the broader market combined.
On the flip side, the energy (-0.8%) and consumer staples (-0.8%) sectors finished at the back of the pack. The energy sector declined with crude prices after the EIA's weekly crude inventory report showed a smaller-than-expected draw of 1.4 million barrels. WTI crude futures dropped 3.2% to $66.94/bbl, a six-week low.
In earnings news, Walt Disney (DIS 113.98, -2.58) lost 2.2% after missing bottom-line estimates; CVS Health (CVS 68.17, +2.72) rallied 4.2% after beating profit estimates and raising the low end of its guidance for FY18; and Snap (SNAP 12.23, -0.89) dropped 6.8% after reporting a decline in daily active users.
Away from equities, U.S. Treasuries ended Wednesday flat, with the yield on the benchmark 10-yr note finishing unchanged at 2.97%. The U.S. Dollar Index ticked down 0.1% to 94.92, and the CBOE Volatility Index slid 1.8% to 10.73, hitting a fresh seven-month low.
On the data front, Wednesday's lone economic report, the weekly MBA Mortgage Applications Index, showed a decrease of 3.0%. Looking ahead, investors will receive the Producer Price Index for July, the weekly Initial Claims report, and the Wholesale Inventories report for June on Thursday.
- Nasdaq Composite +14.3% YTD
- Russell 2000 +9.9% YTD
- S&P 500 +6.9% YTD
- Dow Jones Industrial Average +3.5% YTD