Stock market today: Wall Street drifts to a mixed close, weighed down by Big Tech
Stocks drifted to a mixed close on Wall Street as drops in several Big Tech companies offset gains in other parts of the market
Wall Street capped a choppy day of trading with a mixed finish Wednesday as a late-afternoon pullback among several Big Tech companies offset gains elsewhere in the market.
The S&P 500 closed 0.1% lower after having been up by 0.7% earlier in the day. The Dow Jones Industrial Average had been up 0.5% before finishing with a gain of just 0.1%. The tech-heavy Nasdaq composite fell 0.2%.
Facebook parent company Meta fell 2%, Google’s parent company Alphabet gave up 1.6% and Microsoft dropped 1%.
Still, gainers outnumbered decliners by a nearly 2-to-1 margin on the New York Stock Exchange.
Automakers were among the bright spots. General Motors surged 9.4% after the company announced a big stock buyback, raised its dividend and told investors it won't have any trouble absorbing the costs of its new labor contract. The stock is still down 6.1% for the year, while the S&P 500 is up more than 18%.
GM and its rivals agreed to new contracts with the United Auto Workers and Canadian auto workers in late October following strikes that lasted more than a month.
Ford rose 2.1% and Jeep maker Stellantis rose 5.3%.
All told, the S&P 500 fell 4.31 points to 4,550.58, the Dow rose 13.44 points to 35,430.42, and the Nasdaq dropped 23.27 points to 14,258.49.
Stocks rose in Europe and were mixed in Asia.
Treasury yields fell, taking more pressure off of stocks. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 4.26% from 4.33%. The yield on the 2-year Treasury fell sharply to 4.66% from 4.75%.
Wall Street also received another encouraging economic update Wednesday. The U.S. economy
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