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Nasdaq, S&P slip; Dow ticks above 22,647 level, hits new record high

The S&P information technology index, up about 26 per cent this year, was on pace to post its first losses in seven sessions

Reuters 

The Nasdaq logo is displayed at the Nasdaq Market site in New York
The Nasdaq logo is displayed at the Nasdaq Market site in New York

The and the S&P fell on Wednesday as investors likely took profits on tech stocks, the best performing sector in the recent rally, while the Dow touched a record high.

Seven of 11 major S&P indexes were down, led by the information technology and Industrials.

The S&P information technology index, up about 26 per cent this year, was on pace to post its first losses in seven sessions.

"The market has been on a slow drift upward, in anticipation of the earnings season coming and the hopes about tax reform," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City.

"I think you're just seeing some small profit taking in the absence of new news."

The dollar was off seven-week highs on speculation that US President Donald Trump's choice for the next head of the Federal Reserve could be a less hawkish candidate than had previously been expected.

US Federal Reserve Chair Janet Yellen is scheduled to address the Community Banking in the 21st Century Research and Policy Conference hosted by the Federal Reserve Bank of St Louis.

The rest of the week is loaded with heavy economic data, culminating in Friday's nonfarm payrolls report for September.

The ADP National Employment Report indicated that private jobs increased by 135,000 in September, the smallest increase since October 2016 as Hurricane Harvey and Irma "significantly impacted smaller retailers."

At 9:57 am ET, the Industrial Average was up 6.21 points, or 0.03 per cent, at 22,647.88, while the S&P 500 was down 1.9 points, or 0.08 per cent, at 2,532.68.

The Composite was down 12.65 points, or 0.19 per cent, at 6,519.06.

Shares of Mylan NV surged 16.7 percent and was the biggest boost to the S&P 500 after the US FDA approved the company's copycat version of Teva's blockbuster multiple sclerosis drug. Shares of Teva Pharmaceutical slumped 14 percent.

PepsiCo shares were down 2 per cent after the company cut organic revenue forecast for the year.

Advancing issues outnumbered decliners on the NYSE by 1,230 to 1,221. On the Nasdaq, 1,171 issues rose and 1,107 fell.

First Published: Wed, October 04 2017. 20:43 IST
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