Major United States benchmark averages ended mixed on Tuesday (Wednesday AEDT), with the S&P 500 closing at fresh record highs.
The Dow Jones Industrial Average finished flat at 44,556.4, the S&P 500 added 15 points, or 0.2% to 6,129.6, while the Nasdaq Composite added 14.5 points or 0.1% to 20,041.3.
Energy stocks outperformed, led by Halliburton and Valero Energy which gained 2.2% and 2.1%, respectively.
The tech sector also saw modest gains, but losses in consumer discretionary and communication services weighed on the broader market.
Meta Platforms fell 2.8%, while Amazon dropped 0.9%.
Intel shares soared 16.1% after a report from The Wall Street Journal suggested that Broadcom and Taiwan Semiconductor Manufacturing may consider splitting the embattled chipmaker through potential bids.
Micron Technology rallied 7.3% after the company unveiled its first Gen5 client storage drive, offering double the performance of its predecessor.
Wall Street entered the week following a positive stretch for major indices. The Dow rose 0.6% last week, the S&P 500 advanced 1.5%, and the Nasdaq gained 2.6%.
Economic data showed the Empire State Manufacturing Index climbing to 5.7 in February, marking an 18-point increase back into expansion territory from last month's reading of -12.6. However, inflationary pressures rose, and business confidence declined.
Meanwhile, the NAHB/Wells Fargo Housing Market Index dropped sharply in February, reaching a five-month low of 42, as concerns over tariffs, high mortgage rates, and rising housing costs weighed on confidence.
ANZ analysts commented on U.S. inflation in a note to clients: “Our assessment is that the disinflation path is likely to be bumpy, though despite the recent stickiness in inflation, the framework for further gradual progress on disinflation is in place. However, the current review of trade policy and potential for tariff hikes is raising near-term uncertainty.”
On the bond markets, 10-year and 2-year rates lifted 1.7% and 1.1% to 4.556% and 4.308%, respectively.
