The Nasdaq Composite and Russell 2000 briefly touched fresh all-time highs on Wednesday in an otherwise flat market as investors await the minutes of the Federal Reserve’s November monetary policy meeting and digested a fresh batch of earnings.
The S&P 500 was little changed at 2,599.91 — led by a 0.6 per cent advance in energy and partly offset by a 0.3 per cent decline in the technology sector. The Dow Jones Industrial Average was also flat at 23,596.88.
Meanwhile, both the Nasdaq Composite and Russell 2000 index of small cap stocks notched fresh all-time intraday highs of 6,874.52 and 1,522.27 respectively before trimming their gains to trade little changed at pixel time.
The decline in technology shares was led by the more than 6 per cent drops in HP Enterprise and HP Inc. The decline in HPE comes after the company said late on Wednesday that chief executive Meg Whitman would step down and as the enterprise computing division issued a downbeat earnings forecast for the current quarter.
The struggle for direction also comes as investors await the minutes of the Fed’s last meeting and amid muted trading ahead of the Thanksgiving holiday.
Elsewhere, the dollar index, a gauge of the buck against a basket of peers, slid 0.4 per cent to 93.65. Meanwhile, the yield on US 10-year Treasuries, which moves inversely to price, was down 0.9 basis points to 2.347 per cent.
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