On Wednesday, the New York Stock Exchange’s three main indices continued their upward trajectory.
The S&P 500, regarded as the best indicator of market conditions, broke its all-time high for the second consecutive day.
While the Dow Jones Industrial Average and Nasdaq also posted gains, they remain far from their record highs.
Tesla’s tech sector performance increased by 1.8%, but Nvidia’s dropped 0.1%, highlighting the mixed performance of the M7 big tech stocks.
This trend further underscores M7’s waning market dominance.
Second Consecutive All-Time High
The S&P 500, which comprises a mix of blue-chip and technology stocks, achieved a new record high for the second straight day.
The index closed at 6,144.15, up 14.57 points (0.24%).
The Dow and Nasdaq made gains but have yet to reach their all-time highs.
The Dow Jones Industrial Average rose 71.25 points (0.16%) to 44,627.59, while the Nasdaq Composite added 14.99 points (0.07%) to 20,056.25.
The Dow must surpass 45,000 to set new records, and the Nasdaq must exceed 21,070.
The previous record highs were 45,014.04 for the Dow and 21,173.89 for the Nasdaq, respectively, set on December 4 and 16 last year.
M7’s Market Influence Wanes
The M7 big tech stocks failed to keep pace with the broader market’s record-setting rally, marking a shift from their market leadership over the past two years.
While only Nvidia and Microsoft saw modest gains of 0.4% and 0.3%, respectively, the previous day, four of the M7 stocks rose on this day, with Nvidia, Meta Platforms, and Amazon being the exceptions.
Meta, which ended its 20-day winning streak the day before, fell further, dropping $12.60 (1.76%) to $703.77. It is expected to continue declining as investors lock in profits.
Nvidia closed down $0.17 (0.12%) at $139.23, and Amazon edged lower by $0.02 (0.01%) to $226.63.
On the other hand, Tesla rebounded after a three-day losing streak, climbing $6.45 (1.82%) to $360.56.
Apple, which unveiled its AI-capable, budget-friendly iPhone 16e model, managed a slight recovery, closing up $0.40 (0.16%) at $244.87.
With the iPhone 16e starting at $599, there is optimism that it may boost the sluggish iPhone demand, contributing to the stock’s uptick.
However, concerns that it might erode the demand for the $2,000 flagship iPhone models limited the stock’s gains.
Oil Prices Rise for Second Straight Day
Global oil prices climbed for the second consecutive day.
Concerns about supply disruptions following Ukraine’s attack on Russian oil pipelines continued to impact the market. Analysts warned that Kazakhstan’s oil exports could drop by 30% or roughly 380,000 barrels per day.
There were also rumors that OPEC+ might delay its planned production increase for April. Meanwhile, a severe cold in the U.S. is expected to cut North Dakota’s oil output by about 150,000 barrels per day.
Brent crude, the international benchmark, settled at $76.04 per barrel for April delivery, up $0.20 (0.26%).
West Texas Intermediate (WTI), the U.S. benchmark, saw its March contract rise $0.40 (0.56%) to $72.25 per barrel.
