U.S. Stocks End Wednesday with Mixed Results

(MENAFN) U.S. equities closed on a mixed note Wednesday, with the S&P 500 and Nasdaq Composite climbing to record levels as investors grew increasingly optimistic about a potential U.S.-Iran peace breakthrough.

The Dow Jones Industrial Average slipped 0.15 percent to finish at 48,463.72. In contrast, the S&P 500 advanced 0.8 percent, ending at a record 7,022.95, while the Nasdaq Composite surged 1.6 percent to 24,016.02, marking its 11th straight session of gains.

Market breadth was uneven, with seven of the S&P 500’s 11 sectors ending in negative territory. Materials and industrials posted the steepest losses, declining 1.3 percent and 1.24 percent, respectively. Meanwhile, technology and consumer discretionary stocks led gains, rising 2.08 percent and 1.37 percent.

Investor sentiment was buoyed by growing expectations of easing geopolitical tensions. U.S. President Donald Trump reinforced this outlook in a Wednesday interview with Fox Business, stating that the Iran war is "very close to being over."

Chipmaker Broadcom stood out among gainers, jumping 4.19 percent after Meta Platforms announced an expansion of their collaboration to roll out custom chips built on Broadcom’s technology.

Economic data painted a mixed picture. The Federal Reserve reported in its Beige Book that the U.S. economy expanded at a "slight to modest pace" over the past six weeks. The report also identified the Iran conflict as "a major source of uncertainty" for businesses, while noting that price increases remained "moderate" despite a surge in energy costs.

"Many Districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient," the Beige Book stated.

Among major tech players, all of the so-called “Magnificent Seven” stocks ended higher except Amazon, with Tesla leading the group on a sharp 7.62 percent gain.

In the financial sector, Bank of America rose nearly 2 percent and Morgan Stanley climbed 4.52 percent after posting stronger-than-expected quarterly earnings. The earnings season was set in motion earlier in the week by Goldman Sachs, followed by results from Wells Fargo, JPMorgan Chase, and Citigroup.

Shares of Snap Inc. soared nearly 8 percent after the company revealed plans to cut around 16 percent of its global workforce. CEO Evan Spiegel pointed to "rapid advancements in artificial intelligence" as a driving factor behind the restructuring.

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