U.S. stocks flounder, Trump Media dives 22 percent

NEW YORK, New York - U.S. stocks traded largely flat for most of Wednesday with minimum moves in either direction. The technology sector was doing best most of the day.

"It looks as if technology results are still providing the encouragement to investors who are overweight on the space," CFRA Research chief investment strategist Sam Stovall told CNBC Wednesday.

However the mood turned sour late in the day, and by the closing bell all indices were trading in the red, with the tech sector doing worst.

One stand-out stock was Trump Media which dived 22 percent on Tuesday, and backed that up Wednesday with another 22 percent fall. The stock closed at $40.03, for a loss on the day of $11.48 or 22.29 percent. The company is 57 percent owned by former President Donald Trump, who is a candidate again in the presidential election next week.

Here are the closing quotes for the major U.S. indices on Wednesday.

The Standard and Poor's dropped 19.20 points, or 0.33 percent, to close at 5,813.72. The slight decline came as investors evaluated the latest tech sector earnings, with concerns about inflation persisting in the background. The trading volume for the index was 2.807 billion shares.

The Dow Jones Industrial Average (DJIA) ended the session 91.51 points lower, a drop of 0.22 percent, finishing at 42,141.54. Weakness in financial and industrial stocks contributed to the Dow's decline, with 370.162 million shares changing hands throughout the session.

The NASDAQ Composite lost 104.82 points, representing a 0.56 percent decrease, closing at 18,607.93. Tech-heavy losses, especially among semiconductor and software companies, dragged the index down, with trading volume at 5.409 billion shares.

Foreign Exchange Market Wrap-Up for Wednesday: Mixed Performance Across Major Currencies

On Wednesday, the global foreign exchange market saw mixed movements among major currency pairs, reflecting ongoing market dynamics shaped by economic data and geopolitical developments.

The Euro / US Dollar (EUR/USD) rose by 0.39 percent, to reach 1.0860. The euro's strength was bolstered by renewed investor confidence in the Eurozone, with analysts eyeing upcoming inflation data as a critical factor for future rate decisions by the European Central Bank.

The US Dollar / Japanese Yen (USD/JPY) edged slightly lower, settling at 153.33, representing a minor decline of 0.01 percent. Traders remain cautious as they anticipate key monetary policy signals from the Bank of Japan regarding potential adjustments to its yield curve control strategy.

In North America, the US Dollar / Canadian Dollar (USD/CAD) slipped by 0.12 percent, closing at 1.3897. The Canadian dollar showed resilience, helped by stable crude oil prices, which play a crucial role in the nation's export economy.

Meanwhile, the British Pound / US Dollar (GBP/USD) dropped by 0.33 percent to 1.2971, pressured by subdued economic growth indicators from the United Kingdom. Market participants remain focused on the Bank of England's next policy steps amid inflation concerns.

The US Dollar / Swiss Franc (USD/CHF) fell by 0.09 percent, finishing at 0.8663, as the Swiss franc retained its status as a safe-haven currency amid global uncertainties.

In the Pacific region, the Australian Dollar / US Dollar (AUD/USD) climbed by 0.25 percent, reaching 0.6576. The Australian dollar found support despite a notable drop in the quarterly CPI reading.

Similarly, the New Zealand Dollar / US Dollar (NZD/USD) gained 0.09 percent, closing at 0.5977, driven by optimism surrounding improved trade outlooks and rising dairy prices, a key export for New Zealand.

Global Markets End Wednesday on a Mixed Note

Stock markets across the globe wrapped up trading on Wednesday with most major indices closing in negative territory, reflecting investor concerns over geopolitical tensions and economic uncertainties. Currency indices saw varied movements, with some gains noted among key currencies. Below is a summary of the market performance for the day.

CANADA

In Canada, the S&P/TSX Composite Index fell 54.76 points, or 0.22 percent, to settle at 24,507.79. Losses in energy and materials sectors contributed to the decline, with 178.665 million shares traded.

UNITED KINGDOM

• FTSE 100: Closed at 8,159.63, down by 59.98 points, a decrease of 0.73 percent.

EUROPE

• DAX Performance-Index: Dropped 220.73 points Wednesday, finishing at 19,257.34, a fall of 1.13 percent.
• CAC 40: Ended the day at 7,428.36, down 82.75 points or 1.10 percent.
• ESTX 50 PR.EUR: Lost 64.27 points, closing at 4,885.75, down 1.30 percent.
• Euronext 100 Index: Declined 1.19 percent, dropping 17.53 points to 1,458.61.
• BEL 20: Finished at 4,229.83, falling by 54.61 points, a 1.27 percent decrease.

ASIA

• Hang Seng Index (in Hong Kong): Slipped 320.50 points to 20,380.64, falling by 1.55 percent.
• SSE Composite (China): Decreased Wednesday by 20.17 points to 3,266.24, down 0.61 percent.
• Nikkei 225 (Japan): Surged 373.71 points to 39,277.39, gaining 0.96 percent.
• STI Index (Singapore): Down 31.48 points to 3,558.88, a decline of 0.88 percent.
• S&P BSE Sensex (India): Fell 426.85 points to 79,942.18, down 0.53 percent.
• IDX Composite (Indonesia): Closed at 7,569.85, down 36.75 points or 0.48 percent.
• FTSE Bursa Malaysia KLCI: Lost 13.20 points to end at 1,601.88, a decline of 0.82 percent.
• KOSPI Composite (South Korea): Closed 24.01 points lower on Wednesday at 2,593.79, a drop of 0.92 percent.
• TSEC Weighted Index (Taiwan): Declined 106.16 points to 22,820.43, down 0.46 percent.

OCEANIA

• S&P/ASX 200 (Australia): Ended at 8,180.40, down by 68.80 points, reflecting a drop of 0.83 percent.
• All Ordinaries (Australia): Decreased by 66.40 points to 8,439.50, losing 0.78 percent.
• S&P/NZX 50 (New Zealand): Dropped 88.52 points, closing at 12,694.84, down 0.69 percent.

MIDDLE EAST

• TA-125 (Israel): Bucked the trend Wednesday with a gain of 33.59 points, closing at 2,224.21, up 1.53 percent.
• EGX 30 (Egypt): Fell by 248.70 points to 30,371.30, down 0.81 percent.

AFRICA

• Top 40 USD Net TRI Index (South Africa): Down 29.43 points, closing at 4,781.48, a decline of 0.61 percent.

While European and Asian markets largely posted losses, Japan's Nikkei 225 stood out with a near 1 percent gain, driven by upbeat corporate earnings. Currency markets experienced mixed movements, with the Euro and Japanese Yen showing gains against other major currencies, while the US Dollar index slid marginally. The prevailing volatility underscores investors' cautious stance amid ongoing economic uncertainties and geopolitical developments.

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