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Stocks were little changed on Wednesday, but the S&P 500 managed to climb to a fresh record.
The Dow Jones Industrials remained in the red 90.77 points midday to 44,465.62
The S&P 500 index moved higher 4.55 points to 6,134.13
The tech-heavy NASDAQ regained 9.9 points to 20,051.16
Home Depot and Sherwin-Williams led the Dow declines, dropping more than 1% each. Materials were the worst-performing sector in the S&P 500, losing 1%.
The S&P 500 energy sector bucked the trend with a gain of 1.4%. The broad market index on Tuesday climbed to an all-time high, even as concerns around sticky inflation and President Donald Trump’s trade policies persist. The benchmark hit an intraday record of 6,129.63 and earned a record close at 6,129.58.
Trump Tuesday floated the notion of imposing a 25% tariff on imported autos, chips and pharmaceuticals. Trump did not specify whether or not the potential duties would be targeted or broad, but did say they could be implemented as soon as April 2.
Investors will look through the minutes from the latest Federal Reserve meeting, set for release at 2 p.m. ET. The Fed kept rates unchanged but expressed concern over the U.S. inflation outlook.
Prices for the 10-year Treasury gave up gained, raising yields back to Tuesday’s 4.55%. Treasury prices and yields move in opposite
directions.
Oil prices progressed 65 cents to $72.50 U.S. a barrel.
Prices for gold sank four dollars an ounce to $2,945 U.S.
