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
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
was dipping in and out of negative territory and recently traded a touch lower at 22,116.
The Nasdaq Composite Index
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
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.
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
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.
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.
dropped 3.3% after losing out on a Toshiba Corp.
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.
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
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.
were also higher.
Stocks in Asia closed mixed, while European indexes mostly were lower, dragged down by a slide in U.K. stocks.