Stocks close mixed, materials sector hits new high
While the Dow Jones Industrial Average (^DJI) holds above its flatline for Wednesday, the S&P 500 (^GSPC) and the Nasdaq composite (^IXIC) closed out lower.
Yahoo Finance's Julie Hyman reports on the market close and upside movements for Treasury yields, while Jared Blikre shares observations on sector performances, specifically materials' (XLB) all-time high.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: We were just talking on about the Dow an hour ago and we saw that it had fallen down from its highs of the session even dipped into the red briefly. But finishing higher by about 39 points, it's just a tenth of 1%. The S&P 500 also just off the lows of the session down about a fifth of 1%. And NASDAQ off by about a half of 1%. As we've been talking about big cap tech has been leading declines.
I just wanted to check on the 10 year yield. Remember yesterday in the wake of CPI, we saw it tick up a little bit. Didn't seem to affect stocks that negatively. Today up again a four basis points to 4.19%. And while we have, why not check on Bitcoin again because, yes, it is at or near another record today above 73,000. Jared's got a look at today's sector action right now. Hey, Jared.
JARED BLIKRE: Hey, there Julie. Well, guess what? We got to celebrate a record high here. The first one for materials in just about two years. You'd have to go back to January of 2022 to see this sector at a record high. Here is a five year chart where you can see finally, it eking above that. Not a big breakout. But the beginning of one and a lot of materials companies have been forging record highs this year.
And I would throw in the gold miners into that. So a sector to watch for sure. Now energy takes out the top spot. We crude oil advancing, utilities, financials, also among the winners. But the losers, look at that. XLK that is the tech sector, that is down the most over 1% after being the sole outperformer yesterday. And I believe it was a record high yesterday, not today. Also in the red real estate, health care and consumer discretionary.
And then taking the leader Julie, you just checked Bitcoin that is the number one spot in our leaders in sentiment indicators. But tech having a rough day with the chip stocks. The socks is down about 2.4%. If we take a look at that leaderboard, it looks like the laggard board. We have AMD down about 4%.
