MARKET SNAPSHOT: Stock Market Struggles To Hang On To All-time Highs

Date : 09/13/2017 @ 12:39PM
Source : Dow Jones News

MARKET SNAPSHOT: Stock Market Struggles To Hang On To All-time Highs

By Anora Mahmudova and Sara Sjolin, MarketWatch

Apple shares slips as new iPhone X shipments are scheduled for November

U.S. stocks switched between small gains and losses on Wednesday, with the S&P 500 and Nasdaq retreating from all-time highs as investors searched for catalysts that could breathe new life into the rally.

Some analysts argued that a pause was due after days of solid gains that propelled indexes to a records.

The S&P 500 briefly set an intraday record but pulled back, trading off by 1 point to 2,495. Of the 11 main sectors, six were trading lower. Energy and consumer discretionary shares led the gains, up 0.8% and 0.5%, respectively.

"Markets are fully valued now, so earnings will need to catch up to prices. Until the next earnings season begins, we would not be surprised to see sideways moves or a time correction," said Maris Ogg, president at Tower Bridge Advisors.

"We could also see a pullback between now than then if there is a catalyst that would spook investors," Ogg said.

The Dow Jones Industrial Average was dipping in and out of negative territory and recently traded a touch higher at 22,122.

The Nasdaq Composite Index was off by 4 points to 6,450.

All three benchmarks closed at records ( Tuesday, marking the first time since July 26 that they simultaneously achieved all-time highs.

"The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the S&P 500 to a new all-time high," said Katie Stockton, chief technical strategist at BTIG Research.

"Short-term overbought conditions have returned for the S&P 500, but they tend to be managed well when associated with a breakouts, which are abundant," Stockton said.

Economic news: The producer-price index increased 0.2% ( in August, mostly thanks to higher gas prices. Core PPI also rose 0.2%, though the 12-month change remains unchanged at 1.9%. The closely watched inflation report is due on Thursday.

See:MarketWatch's economic calendar (

Stock movers: Shares of Apple Inc.(AAPL) slipped 1.2%. The tech giant on Tuesday revealed its new lineup of gadgets (, but the much anticipated new flagship iPhone X it won't be delivered until November.

Read:Delayed iPhone X launch pressures Apple stock (

And see:'Disappointing' iPhone X may mean people will keep clinging to older phones (

( Corp.(CNC) climbed 6% after the health insurer said late Tuesday it has signed an agreement in which Fidelis Care ( will become Centene's health plan in the state of New York.

SeaDrill Ltd. (SDRL.OS) surged 13% after the offshore driller said late Tuesday it has filed for bankruptcy protection ( and agreed to a major restructuring plan with its senior lenders.

Western Digital Corp.(WDC) dropped 3.3% after losing out on a Toshiba Corp. (6502.TO) deal. Toshiba said it had picked a consortium led by Bain Capital (, instead of Western Digital, to buy its chip business for more than $18 billion.

Nordstrom Inc.(JWN) rallied 5.2% after a report late Tuesday that the retailer is taking steps to go private (

Other markets: Oil prices moved higher (, with the U.S. crude benchmark rising 0.8% to $48.61 a barrel. The gain came after reports that the Organization of the Petroleum Exporting Countries is considering adding more non-cartel members to its output deal. In addition, the International Energy Agency said there are signs the oil market is tightening.

Gold prices fell 0.5% while the greenback strengthened, with the ICE Dollar Index gaining 0.6% to 92.396.

Stocks in Asia closed mixed (, while European indexes mostly were lower, dragged down by a slide in U.K. stocks (


(END) Dow Jones Newswires

September 13, 2017 12:24 ET (16:24 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.