WASHINGTON (dpa-AFX) - The major U.S. markets were unable to hold onto early gains on Wednesday, slumping in the second half of the day to finish mixed.
Profit taking was largely responsible for the late fade, although investors remain spooked about the possibility of an interest rate hike following recent uncooperative inflation data.
The Dow climbed 182.06 points or 0.35 percent to finish at 51,848.90, while the NASDAQ slumped 110.40 points or 0.43 percent to close at 25,476.63 and the S&P 500 slipped 7.24 points or 0.10 percent to end at 7,358.22.
The weakness that emerged on Wall Street, and especially the tech-heavy NASDAQ, was the result of renewed selling among semiconductor stocks over artificial intelligence infrastructure concerns.
The early strength came despite some uncertainty surrounding the US-Iran peace deal amid disagreements between the two nations over a few key terms of the pact.
A slide in crude oil prices also spurred the markets higher as West Texas Intermediate crude for August delivery tumbled as shipping traffic picks up across the Strait of Hormuz.
In economic news, data from the Commerce Department showed sales of new single-family homes in the US tumbled 7.3 percent month-over-month in May to the lowest annualized rate of 580,000, following an upwardly revised 626,000 in April.
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