Stocks slipped on Wednesday, reversing gains late in trading after Wall Street fell short of extending its winning streak to six days. Gains were kept in check while investors digested weak earnings from shipping giant FedEx.
The Dow Jones Industrials lost 27.88 points to finish at 28,239.28
The S&P 500 subtracted 1.38 points to 3,191.14, retreating from an all-time high, and ending its win streak at five, its longest string since November.
The NASDAQ added 4.38 points to Tuesday’s all-time record, at 8,827.74.
The S&P 500 has rallied more than 27% year to date and is on pace for its biggest one-year gain since 2013. The Dow has surged this year by 21%, the NASDAQ by 33%.
But the major averages struggled to post gains on Wednesday after FedEx shares dropped more than 9% on disappointing quarterly numbers. The company’s earnings and revenue missed analyst expectations. FedEx also cut its guidance for the rest of its fiscal year.
FedEx cited weaker economic conditions across the globe and losing a “large customer.”
General Mills shares climbed more than 1.9% after the company posted a quarterly profit that topped analyst expectations. General Mills also reaffirmed its fiscal year earnings outlook.
Prices for the 10-Year U.S. Treasury were lower, raising yields to 1.93% from Tuesday’s 1.88%. Treasury prices and yields move in opposite directions.
Oil prices gained back four cents to $60.98 U.S. a barrel.
Gold prices moved backward $1.50 at $1,479.10 U.S. an ounce.