US equities eked out a small gain Wednesday, as Amazon (AMZN) steered a rise in the technology sector that pushed its market capitalization beyond $2 trillion for the first time. By doing so, Amazon became the fifth US company to hit such a valuation.
The S&P 500 advanced 0.2 per cent, while the Dow Jones Industrial Average rose 0.04 per cent. The Nasdaq Composite surged about 0.5 per cent to lead the gainers.
Treasury yields regained some of their losses from a three-month low, with the 10-year Treasury yield rising some 8 basis points to 4.31 per cent.
The recent market volatility has some investors doubting whether this stock drag is just temporary or symptomatic of a larger downturn. How much Nvidia (NVDA) contributed to the broader market had added to those concerns.
Wednesday saw gains in the technology sector, mainly led by Amazon, whose stock soared nearly 4 per cent to enable the company to break above a $2 trillion market valuation. This goes on to prove the massive extent to which Amazon has had an influence on the high-tech industry.
In other market movements in light of the keenly watched economic data, investors are remaining watchful ahead for the crucial Personal Consumption Expenditures inflation report to be posted this Friday. Fed officials have sought to take a cautious tack on potential interest-rate cuts, looking to remain data-dependent in their decisions.
Elsewhere, shares of Rivian surged over 23 percent on news of a deal with Volkswagen. That partnership could bring as much as $5 billion into Rivian’s coffers, shoring up the electric vehicle maker’s finances.
FedEx also had a big stock move, surging over 15 per cent following news its 2025 profit forecast topped Wall Street estimates. That gave investor sentiment a serious boost.
Also in focus was Chipotle, whose 50-for-1 stock split became official on Wednesday, meaning the Mexico-based fast food company has executed the largest stock split ever on the NYSE.
The market is digesting all these stories, and investors are always on watch for clues in both data reads on the economy and corporate announcements that may signal what’s to come next.
