Stocks Drop, Energy Sector Rises As Crude Eyes 6th Day Of Gains: What's Moving Markets Wednesday?
Piero Cingari 9 months ago
EquitiesLarge CapMid CapBroad U.S. Equity ETFsTop StoriesTechETFs
Wall Street retreated Wednesday as weakness in technology and financial stocks dragged major indexes lower, with investors remaining cautious ahead of a closely watched Supreme Court ruling on the legality of President Donald Trump's tariffs.
Wall Street retreated Wednesday as weakness in technology and financial stocks dragged major indexes lower, with investors remaining cautious ahead of a closely watched Supreme Court ruling on the legality of President Donald Trump's tariffs.
According to Polymarket, there is only a 35% chance judges will rule in favor of Trump’s tariffs.
The Nasdaq 100 slid more than 1.5% by midday trading in New York, on pace for its worst session in nearly a month. Semiconductors led the selloff, with shares of Broadcom Inc. (NASDAQ:AVGO), Oracle Corp. (NYSE:ORCL) and Nvidia Corp. (NASDAQ:NVDA) down roughly 5%, 4.5% and 2.5%, respectively.
The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average edged 0.5% lower. The CBOE Volatility Index or VIX rose 11%.
Bank stocks were among the hardest hit after earnings misses from Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC), sending shares of both lenders down by 4%.
Energy was the standout sector, rising more than 2.4% to its highest level since November 2024 as oil prices eyed a sixth straight day of gains. West Texas Intermediate crude climbed over 1% to $62 a barrel, with geopolitical risks tied to Iran continuing to shape the global energy market.
In commodities, gold rose 0.5% to $4,610 an ounce, while silver extended its record-breaking rally above $90 an ounce, gaining another 4%.
Crypto markets also showed signs of renewed momentum, with Bitcoin (CRYPTO: BTC) rising for a fourth consecutive session to $97,000.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
| Russell 2000 | 2,628.77 | -0.2% |
| Dow Jones | 48,956.34 | -0.5% |
| S&P 500 | 6,896.32 | -1.0% |
| Nasdaq 100 | 25,309.80 | -1.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) slid 1.04% to $631.42.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) dropped 0.56% to $489.19.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) sank 1.71% to $615.56.
- The iShares Russell 2000 ETF (NYSE:IWM) edged down 0.19% to $260.85.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 2.3%; the Technology Select Sector SPDR Fund lagged, down 2.0%.
Russell 1000’s Top Gainers On Wednesday
| Stock Name | % Change |
|---|---|
| Viking Therapeutics, Inc. (NASDAQ:VKTX) | +9.06% |
| The Mosaic Company (NYSE:MOS) | +6.26% |
| MP Materials Corp. (NYSE:MP) | +6.03% |
| LyondellBasell Industries N.V. (NYSE:LYB) | +6.02% |
| Allegro MicroSystems, Inc. (NASDAQ:ALGM) | +5.91% |