Dow Jones Industrial Average traded slightly higher and ended near its day’s highs. Meanwhile, the S&P 500 continued to rise and reached a new high. While tech firms like Apple (AAPL) extended their gains from Tuesday, the Nasdaq composite finished flat.
Market analysis
The Nasdaq approached breakeven point at the conclusion of trading on Wednesday, after hitting a record high of 14,755.33 earlier in the day. Meanwhile, the S&P 500 index rose 0.3% to a high of 4,361.88. The Dow Jones industrials rose almost 100 points, gaining 0.3%. The Russell 2000 index of small-cap stocks trailed, falling 0.9%. According to early statistics, volume was lower on the NYSE and higher on the Nasdaq, compared to Tuesday’s closing.
Following a breakdown in communication between OPEC+ members earlier this week, oil prices have continued to plummet. Despite higher-than-usual energy consumption during the epidemic recovery, members are still at odds about output cutbacks.
After temporarily soaring to a six-year high of $76.98, West Texas intermediate oil prices fell 1.8% to $72.02 a barrel around Wednesday’s closing.
Futures
Dow Jones futures, as well as S&P 500 and Nasdaq futures, all dipped significantly, Wednesday night. The stock market boom continued on Wednesday, with the S&P 500 and Nasdaq composite indexes reaching new highs.
Megacaps in technology as Apple (AAPL), Microsoft (MSFT), and Amazon.com (AMZN), remained the market leaders, with software outperforming mining and steel stocks.
PayPal (PYPL) climbed 1.5% to 297.13, breaking out of a cup-and-handle base with a purchase target of 296.11.
Newegg Commerce (NEGG) is the newest red-hot meme stock, with a gain of 148% to 67.57. Since June 29, the shares of NEGG has increased by 522%. Newegg is 234% above its 10-day moving average, making it significantly overbought even by meme stock criteria. In extended trading, NEGG stock dropped 14%.
