Stocks slip as record highs remain elusive

Chipotle Mexican Grill hikes prices to offset increase in labor costs

U.S. equity markets failed to book fresh record highs Wednesday as sellers emerged amid a lackluster session. The 10-year Treasury yield fell below 1.5%, the lowest level since March.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 33874.24 -71.34 -0.21%
SP500 S&P 500 4241.84 -4.60 -0.11%
I:COMP NASDAQ COMPOSITE INDEX 14271.7325 +18.46 +0.13%

The Dow Jones Industrial Average fell 152 points, or 0.44%, while the S&P 500 and the Nasdaq Composite declined 0.18% and 0.09%, respectively. Both the Dow and the S&P have spent much of the past month lingering just below their respective record peaks.  

In stocks, Clover Health Investments Corp. shares tumbled after two days of strong gains as short-sellers defended their positions.  Despite Wednesday's losses, shares were up 88% this week.  

Ticker Security Last Change Change %
CLOV CLOVER HEALTH INVESTMENTS CORP 13.83 +1.20 +9.50%

Meanwhile, AMC Entertainment Holdings Inc., another favorite of the WallStreetBets crowd, was set for sizable losses as shares lingered near all-time highs. 

Fellow meme stock GameStop Corp.'s shareholders elected Ryan Cohen, who has been tasked with transforming the video game retailer into an e-commerce company with fast shipping, as chairman of the board. GameStop will release its quarterly results after the closing bell. 

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 58.30 +0.03 +0.05%
GME GAMESTOP CORP. 219.34 -1.06 -0.48%

Elsewhere, Ferrari N.V. named Benedetto Vigna, who currently runs the biggest division of chipmaker STMicroelectronics, as CEO. He replaces former chief executive Louis Camilleri, who retired in December due to personal reasons. 

Ticker Security Last Change Change %
RACE FERRARI NV 200.11 -1.38 -0.68%

Chipotle Mexican Grill Inc. increased prices by about 4% to help offset rising labor costs. The fast-casual restaurant chain plans to hire 20,000 additional employees and raise the average hourly wage to $15 by the end of the month.

Ticker Security Last Change Change %
CMG CHIPOTLE MEXICAN GRILL, INC. 1,455.37 +7.73 +0.53%
CPB CAMPBELL SOUP CO. 45.22 -0.37 -0.81%

In earnings, Campbell Soup Co. said its quarterly profit fell 5% as rising material and supply chain costs hurt its bottom line. The company expects margins to remain under pressure as the economy transitions away from the business conditions caused by COVID-19. 

In commodities, West Texas Intermediate crude oil slipped 9 cents to $69.96 a barrel while gold ticked up $1 to $1,893.20 an ounce.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Overseas markets were mostly lower. 

European bourses were mixed with Britain’s FTSE 100 down 0.21% and Germany’s DAX 30 falling 0.46%. France’s CAC 40 was higher by 0.15%. 

In Asia, Japan’s Nikkei 225 lost 0.35% and Hong Kong’s Hang Seng slid 0.13% while China’s Shanghai Composite edged up 0.32%.