The S&P 500 barely budged on Wednesday as much of the stock market stalled with the index in striking distance of a record.
The market benchmark fell a near-zero amount, based on preliminary data. The S&P again finished within 1% of its record close and with its smallest one-day move since Jan.10, 2017, according to Dow Jones Market Data.
The Dow Jones Industrial Average fell 106 points, or 0.2%. The Nasdaq Composite rose for a third day in a row with a gain of 0.3%.
Artificial intelligence stocks like Super Micro Computer and Nvidia helped lift the Nasdaq and keep the S&P 500 near breakeven on a day when market breadth really sagged. Technology and health care stood out on a day when most major sectors struggled.
“Just a few months ago, some claimed it was near impossible for the U.S. stock market to rebound this year,” writes Fundstrat strategist Hardika Singh. “America was so old news,they said. But if that were truly the case, the S&P 500 wouldn’t be flirting with all-time highs currently.”
WTI crude oil futures rose 0.9% to $64.92 after falling sharply on Monday and Tuesday.
Federal Reserve Chairman Jerome Powell wrapped up his second day of Congressional testimony. He reiterated that many forecasters believe tariffs will cause inflation to spike, and the central bank is in a good position to take a wait-and-see approach.
That sets up Friday’s personal consumption expenditures price index as the next major event for markets.