Stock market pulls back from all-time highs

U.S. stocks traded marginally lower on Wednesday, retreating from all-time highs set during the previous session as investors searched for catalysts that could breathe new life into the rally.

Some analysts suggested a mild pullback is a function of days of solid gains that propelled stocks to record levels.

The SP 500

SPX, -0.03%

 was off by 4 points, or 0.1%, to 2,492, with seven of the 11 main sectors trading lower.

“The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the SP 500 to a new all-time high,” said Katie Stockton, chief technical strategist at BTIG Research.

“Short-term overbought conditions have returned for the SP 500, but they tend to be managed well when associated with a breakouts, which are abundant,” Stockton said.

The Dow Jones Industrial Average

DJIA, +0.02%

was dipping in and out of negative territory and recently traded a touch lower at 22,116.

The Nasdaq Composite Index

COMP, -0.06%

was off by 15 points, or 0.2%, to 6,439.

All three benchmarks closed at records on Tuesday, marking the first time since July 26 that they have simultaneously achieved all-time highs.

The greenback, which posted solid gains on Monday and Tuesday, declined on Wednesday, with the ICE Dollar Index

DXY, +0.52%

 down 0.1% at 91.793.

Economic news: The producer-price index increased 0.2% 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

Stock movers: Shares of Apple Inc.

AAPL, -1.13%

 slipped 0.8%. The tech giant on Tuesday revealed its new lineup of gadgets, but the much anticipated new flagship iPhone X it won’t be delivered until November.

Read: Delayed iPhone X launch pressures Apple stock

And see: ‘Disappointing’ iPhone X may mean people will keep clinging to older phones

Centene Corp.

CNC, +6.66%

 climbed 6% after the health insurer said late Tuesday it has signed an agreement in which Fidelis Care will become Centene’s health plan in the state of New York.

SeaDrill Ltd.

SDRL, +12.11%

 surged 13% after the offshore driller said late Tuesday it has filed for bankruptcy protection and agreed to a major restructuring plan with its senior lenders.

Western Digital Corp.

WDC, -4.36%

 dropped 3.3% after losing out on a Toshiba Corp.

6502, +0.00%

 deal. Toshiba said it had picked a consortium led by Bain Capital, instead of Western Digital, to buy its chip business for more than $18 billion.

Nordstrom Inc.

JWN, +5.88%

 rallied 5.2% after a report late Tuesday that the retailer is taking steps to go private.

Other markets: Oil prices moved higher, with the U.S. crude benchmark

CLV7, +1.47%

 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

GCZ7, -0.47%

 were also higher.

Stocks in Asia closed mixed, while European indexes mostly were lower, dragged down by a slide in U.K. stocks.

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