Apple shares slips as new iPhone X shipments are scheduled for November
U.S. stocks switched between small gains and losses on Wednesday, with the S&P 500 and Nasdaq retreating from all-time highs as investors searched for catalysts that could breathe new life into the rally.
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Some analysts argued that a pause was due after days of solid gains that propelled indexes to a records.
The S&P 500 briefly set an intraday record but pulled back, trading off by 1 point to 2,495. Of the 11 main sectors, six were trading lower. Energy and consumer discretionary shares led the gains, up 0.8% and 0.5%, respectively.
"Markets are fully valued now, so earnings will need to catch up to prices. Until the next earnings season begins, we would not be surprised to see sideways moves or a time correction," said Maris Ogg, president at Tower Bridge Advisors.
"We could also see a pullback between now than then if there is a catalyst that would spook investors," Ogg said.
The Dow Jones Industrial Average was dipping in and out of negative territory and recently traded a touch higher at 22,122.
The Nasdaq Composite Index was off by 4 points to 6,450.
All three benchmarks closed at records (http://www.marketwatch.com/story/sp-primed-to-build-on-all-time-high-as-clock-ticks-down-to-apple-event-2017-09-12)on Tuesday, marking the first time since July 26 that they simultaneously achieved all-time highs.
"The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the S&P 500 to a new all-time high," said Katie Stockton, chief technical strategist at BTIG Research.
"Short-term overbought conditions have returned for the S&P 500, but they tend to be managed well when associated with a breakouts, which are abundant," Stockton said.
Economic news: The producer-price index increased 0.2% (http://www.marketwatch.com/story/higher-gas-prices-boost-wholesale-inflation-2017-09-13) in August, mostly thanks to higher gas prices. Core PPI also rose 0.2%, though the 12-month change remains unchanged at 1.9%. The closely watched inflation report is due on Thursday.
See:MarketWatch's economic calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
Stock movers: Shares of Apple Inc.(AAPL) slipped 1.2%. The tech giant on Tuesday revealed its new lineup of gadgets (http://www.marketwatch.com/story/everything-apple-announced-at-its-iphone-event-2017-09-12), but the much anticipated new flagship iPhone X it won't be delivered until November.
Read:Delayed iPhone X launch pressures Apple stock (http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)
And see:'Disappointing' iPhone X may mean people will keep clinging to older phones (http://www.marketwatch.com/story/apples-disappointing-iphone-x-could-mean-people-will-keep-clinging-to-older-phones-2017-09-13)
(http://www.marketwatch.com/story/delayed-iphone-x-launch-pressures-apple-stock-2017-09-12)Centene Corp.(CNC) climbed 6% after the health insurer said late Tuesday it has signed an agreement in which Fidelis Care (http://www.marketwatch.com/story/centene-corp-agrees-to-buy-fidelis-care-assets-in-new-york-state-2017-09-12) will become Centene's health plan in the state of New York.
SeaDrill Ltd. (SDRL.OS) surged 13% after the offshore driller said late Tuesday it has filed for bankruptcy protection (http://www.marketwatch.com/story/seadrill-files-for-bankruptcy-protection-and-restructures-debt-2017-09-13) and agreed to a major restructuring plan with its senior lenders.
Western Digital Corp.(WDC) dropped 3.3% after losing out on a Toshiba Corp. (6502.TO) deal. Toshiba said it had picked a consortium led by Bain Capital (http://www.marketwatch.com/story/bain-apple-group-sign-letter-of-intent-to-buy-toshiba-chip-unit-2017-09-13), instead of Western Digital, to buy its chip business for more than $18 billion.
Nordstrom Inc.(JWN) rallied 5.2% after a report late Tuesday that the retailer is taking steps to go private (http://www.marketwatch.com/story/nordstrom-shares-rally-on-report-of-steps-to-go-private-2017-09-12).
Other markets: Oil prices moved higher (http://www.marketwatch.com/story/oil-prices-rise-for-3rd-straight-session-as-iea-reports-drop-in-global-supply-2017-09-13), with the U.S. crude benchmark rising 0.8% to $48.61 a barrel. The gain came after reports that the Organization of the Petroleum Exporting Countries is considering adding more non-cartel members to its output deal. In addition, the International Energy Agency said there are signs the oil market is tightening.
Gold prices fell 0.5% while the greenback strengthened, with the ICE Dollar Index gaining 0.6% to 92.396.
Stocks in Asia closed mixed (http://www.marketwatch.com/story/asian-markets-mixed-after-apple-announces-new-iphones-2017-09-12), while European indexes mostly were lower, dragged down by a slide in U.K. stocks (http://www.marketwatch.com/story/ftse-100-stays-under-pressure-from-a-strengthening-pound-2017-09-13).
(END) Dow Jones Newswires
September 13, 2017 12:24 ET (16:24 GMT)