S&P 500 Index touches new record high of 3,450, DJI underperforms

  • Wall Street’s main indexes opened mixed on Wednesday.
  • S&P 500 notched a new record high but struggles to gather momentum.
  • Technology shares post strong gains to help Nasdaq push higher.

Major equity indexes in the US opened little changed on Wednesday and remain choppy as investors seem to be staying on the sidelines ahead of FOMC Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Thursday.

As of writing, the S&P 500 Index, which renewed its all-time high at 3,450 at the opening bell, was up 0.16% on the day at 3,448, the Dow Jones Industrial Average was down 0.12% at 28,219 and the Nasdaq Composite was gaining 0.6% at 11,789.

Earlier in the day, the data published by the US Census Bureau showed that Durable Goods Orders in July rose by 11.2% but failed to provide a boost to market sentiment. Meanwhile, the US Commerce Department announced that it added 24 Chinese companies to its ‘entity list.’

Among the 11 major S&P 500 sectors, the Technology Index and the Communication Services Index are up 1.15% and 0.75%, respectively, as the top performers in the early trade. On the other hand, the Energy Index is down 0.65% as US oil producers in the Gulf of Mexico halt production with Laura turning into a category 3 hurricane.

S&P 500 chart (daily)

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