Dow closes lower for a third day as stocks' second-quarter woes continue: Live updates

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The S&P 500 hovered near flat Wednesday as the market tried to move past early-Q2 jitters.

swung into the red despite trading higher for much of Wednesday, providing downward momentum for the market. On the other hand, fellow megacap technology stocks

"The invincible stock market of the past five months is the exception, not the norm," said Yung-Yu Ma, chief investment officer at BMO Wealth Management. Inui noted that market expectations for the Federal Reserve to cut interest rates in June have dropped to 56% from 69% following the FOMC meeting.Dow IncCrude futures are at their highest level since late October. U.S. crude is up 20% this year and the global benchmark has gained 16%.

U.S. crude oil future prices have risen nearly 20% this year as demand grows, global inventories fall, geopolitical tensions mount and OPEC+ slashes production. "Even if rising energy prices could make the Fed's job of lowering interest rates more difficult, central banks remain mainly focused for now on bringing down core inflation, or the elements of prices not directly associated with volatile food and fuel," Blanch said.May copper futures reached a high of $4.1995 per pound on Wednesday, their most expensive since Feb. 22, 2023. Copper, often referred to asfor its ability to predict the health of the economy, is now higher by 4.

Guggenheim Securities updated its estimates on a handful of Disney's businesses and raised its price target to $140 from $125 Wednesday morning as investors awaited the results. "We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent," he added. "Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy."The three sectors were the only of the 11 that comprise the broad index to trade lower. As a whole, the S&P 500 was up about 0.4%.

The index registered 51.4 for the month. That's under the 52.7 consensus estimate of economists polled by Dow Jones. It also marks a decline from February's 52.6 reading.Wednesday that he only expects one decrease to interest rates this year. It will likely occur in the fourth quarter, he said.from The New York Times said the company could potentially enter into exclusive sale discussions with the media company Skydance.

 

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