Stock Market Today: Dow ekes out gain as energy shines, but tech takes breather
Investing.com — The Dow eked out a gain Wednesday, closing higher for a third-straight day, underpinned by energy stocks, but a slump in tech stocks kept gains in check as investors braced for further economic data due Thursday that could shape the Fed Reserve's outlook ahead of a decision next week.
At 16:00 ET (20:00 GMT), the Dow Jones Industrial Average rose 37 points, or 0.1%. The S&P 500 fell 0.2% and NASDAQ Composite fell 0.5%.
Energy stocks were the biggest gainers, led by Valero Energy Corporation (NYSE:VLO), Marathon Petroleum Corp (NYSE:MPC), APA Corporation (NASDAQ:APA), driven by a jump in oil prices after an unexpected decline in weekly U.S. inventories.
Weekly U.S. crude supplies fell by 1.5M barrels last week, the Energy Information Administration reported Wednesday. As well as falling domestic supplies, Ukrainian attacks on Russian refineries also boosted oil prices.
Shares of Tesla Inc (NASDAQ:TSLA) fell over 4% Wednesday after Wells Fargo downgraded the EV giant to the equivalent of a sell rating calling the company a «growth company with no growth.»
Dollar Tree (NASDAQ:DLTR) slumped 14% after the discount retailer reported fourth-quarter results that misses Wall Street estimates and announced plans to close nearly 1,000 stores.
Nvidia fell more than 1% to weighing on the broader tech sector even as BofA Securities lifted its price target on the chip maker to $1100 from $925 ahead of next week's GTC conference.
Intel Corporation (NASDAQ:INTC), meanwhile, fell more than 4% to add further pressure on chip stocks following media reports that the Pentagon scrapped plans for a $2.5 billion chip grant for the company.
The U.S. House of Representatives passed a bill that could ban TikTok in the United
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