The Dow Jones Industrials dipped 43.1 points to 39,127.14, weighed down by Intel’s 8.1% drop after the company reported operating losses in its semiconductor manufacturing business.
The S&P 500 edged up 5.68 points to 5,211.49.
The NASDAQ recovered 37.01 points to 16,277,46.
Artificial intelligence darling Nvidia swung into the red despite trading higher for much of Wednesday, providing downward momentum for the market. On the other hand, fellow mega-cap technology stocks Netflix and Meta climbed more than 1% each.
Higher rates continued to hurt stocks. ADP data released Wednesday showed private payrolls grew more than expected in March. It offered another sign of resiliency in the economy as investors grow increasingly concerned about the path of interest rate cuts from the Federal Reserve.
But higher rates still weighed on the market as they have since the second quarter began this week. ADP data released Wednesday showing private payrolls grew more than expected in March, offering another sign of resiliency in the economy as investors grow increasingly concerned about the path of interest rate cuts from the Federal Reserve.
Prices for the 10-year Treasury gained ground, lowering yields to 4.35% from Tuesday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices advanced 43 cents at $85.58 U.S. a barrel.
Gold prices spiked $35.20 to $2,317.00 U.S. an ounce.