Dow Megacaps were the only exception. The indexes could not get back to their highs from the previous day. Investors were worried about a potential recession, and it showed in the indexes.
The Dow Jones closed up 0.2%. The Nasdaq fell 1.1%, while the S&P500 was down 0.3%. The iShares Russell 2000 ETF(IWM) was the first to fall, slipping 1%.
In preliminary data, NYSE volume decreased while Nasdaq volumes rose compared to the same time Tuesday.
Invesco's QQQ Trust (QQQ), which tracks the Nasdaq100, fell by 1%. Innovator IBD50 ETF (FFTY), which tracks growth stocks, performed worse than major averages. It fell 1.9%.
Crude oil fell 0.4% to $80.38 a barrel. Bitcoin fell 0.6% to $28,200. The yield on the 10-year U.S. Treasury fell 5 basis points to 3.29 percent.
Gold futures reached a high of 2,049 dollars in 2023 before settling down at $2,038. The SPDR Gold Trust ETF GLD slipped 0.1%.
CME FedWatch shows odds of over 40% for a rate hike of a quarter point at the Federal Open Market Committee meeting on May 3.
The European stock market closed with a mixed result. The DAX in Germany fell 0.5%, while the CAC in Paris dropped 0.4%. The London FTSE closed the day with a 0.4% gain.
Stock Market Today - Health Care Stocks Leading The Dow
Dow component Johnson & Johnson jumped 4.5% on heavy volume after news that it would settle litigation regarding its talc based baby powders.
The health care giant has agreed to pay out $8,9 billion in 25-year installments to 60,000 cancer claimants who claimed that talc found in baby powder was the cause of their cancer. JNJ is the Dow's biggest gainer today.
United Healthcare (UNH), a Dow stock, jumped 3.2% when Raymond James upgraded it to a "strong buy" rating from an outperform and raised the target price to 630, up from 615.
HCA Healthcare (HCA), which rose by 1.5%, broke out of the long cup with handle base and hit the 269.19 purchase point. The shares are now in the 5% zone e and have reached 282.65
According to MarketSmith's pattern recognition, the relative strength line of HCA stock has reached a 52-week peak, as indicated by a blue dot. HCA operates over 2,300 clinics and 182 hospitals in the U.S.
Footwear Stock Tumbles On Downgrade
On (ONON), a Swiss footwear manufacturer, dropped 9.7% on the stock market Wednesday after Baird downgraded it from outperform to neutral with a target price of 33.
Nvidia (NVDA), the parent company of Alphabet, slid 2.1% lower after Alphabet claimed that its chips for AI training were faster and used less power.
The shares of GOOGL fell by 0.2%.
FedEx (FDX), a shipper, gained 1.5% on heavy volumes after news that it would consolidate its operation and increase its quarterly dividend by 10%.
The 217.48 buying point is above the 5% zone for a flat basis.
MarketAxess' (MKTX), which reported Q1 volume statistics, and transaction fees, saw its share price plummet by 13.9%. The fintech firm operates a trading platform for electronic fixed income products.
Simply Good Foods' (SMPL) stock fell 4.8% despite reporting a beating on both its top and bottom line for the quarter ended November, following a decline in gross profit.
The shares plunged below 50 days and the sell signal of 7% to 8 % was triggered from the buy point of 40.26.