US close: Dow, S&P break four-session winning streak

Wall Street stocks closed lower on Wednesday, with the Dow and the S&P snapping a four-day winning streak, as traders monitored developments in Ukraine after an inverted yield curve sparked recession fears a day earlier.

At the close, the Dow Jones Industrial Average was down 0.19% at 35,228.81, as the S&P 500 lost 0.63% to 4,602.45 and the Nasdaq Composite was off 1.21% to 14,442.27.

The Dow closed 65.38 points lower on Wednesday, biting into gains recorded in the previous session following the release of some key economic data and word of some potential progress in talks between Russia and Ukraine.

Progress in ceasefire talks between the two nations were again in focus at the open on Wednesday, with Russia stating late on Tuesday that it would lower its military presence in certain parts of Ukraine.

However, several countries, including the US and the UK, remained sceptical about the promise as Moscow continued to attack certain parts of Ukraine on Wednesday.

Market participants were also firmly fixed on the bond market after the US five-year and 30-year Treasury yields inverted on Monday - a historical sign of a coming recession.

The closely-watched two-year and 10-year yield spread came close to inverting earlier in the session, but managed to stay positive before climbing back to about seven basis points on Wednesday.

On the macro front, mortgage applications declined 6.8% to 425.1 in the week ended 25 March, according to the Mortgage Bankers Association - the lowest level seen since December 2019 as mortgage rates surged to their highest level in eleven years.

Applications to refinance a home loan tumbled 14.9% to the lowest since May 2019, while those to purchase a home edged up just 0.6%.

Elsewhere, the US economy rounded out 2021 by expanding at a healthy 6.9% annual clip between October and December, according to the Bureau of Economic Analysis, a slight downgrade from the government's previous estimate of 7%.

For the year as a whole, US gross domestic product, its total output of goods and services, jumped 5.7% for the fastest calendar-year growth seen since 1984's 7.2% surge in the wake of a recession.

The small downgrade from the Commerce Department's original estimate came as a result of a smaller-than-expected increase in consumer spending and fewer exports.

Finally, private sector employment in the US rose a touch more than expected in March, according to the latest data from ADP.

Employment increased by 455,000 from February, versus expectations for a 450,000 jump.

The total number of jobs added in February, meanwhile, was revised from 475,000 to 486,000.

In equities, tight-fitting athleisure maker Lululemon Athletica jumped 9.58% after the company reported over $6bn in sales for 2021, and laid down expectations for sales of $7.5bn in 2022.

Adagio Therapeutics rocketed 30.39% after it confirmed meeting primary endpoints in ongoing phase 2 and 3 trials for its Covid-19 treatment candidate.

Crypto and meme stocks hogged the headlines on the downside, with AMC Entertainment down 12.77% and GameStop 7.25% weaker despite heavier trading volumes for Reddit’s favourite bets in recent days.

Bitcoin miner Stronghold Digital tumbled 32%, meanwhile, after missing expectations for fourth quarter revenue and warning shareholders of a gloomier outlook for 2022.

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $520.82 1.98%
Walmart Inc. (WMT) $149.87 1.79%
Johnson & Johnson (JNJ) $179.59 1.04%
Merck & Co. Inc. (MRK) $82.40 1.02%
Travelers Company Inc. (TRV) $185.55 0.95%
Caterpillar Inc. (CAT) $222.75 0.92%
Chevron Corp. (CVX) $165.48 0.71%
Verizon Communications Inc. (VZ) $51.60 0.70%
Cisco Systems Inc. (CSCO) $56.05 0.68%
Boeing Co. (BA) $194.91 0.57%

Dow Jones - Fallers

Home Depot Inc. (HD) $308.46 -2.91%
Salesforce.Com Inc. (CRM) $214.94 -2.87%
Visa Inc. (V) $223.84 -1.83%
Intel Corp. (INTC) $51.43 -1.57%
Goldman Sachs Group Inc. (GS) $335.14 -1.20%
Walt Disney Co. (DIS) $140.96 -1.00%
Walgreens Boots Alliance, Inc. (WBA) $47.46 -0.75%
Procter & Gamble Co. (PG) $154.28 -0.69%
Apple Inc. (AAPL) $177.77 -0.66%
American Express Co. (AXP) $189.26 -0.62%

S&P 500 - Risers

Phillips 66 Common Stock (PSX) $87.44 4.76%
Valero Energy Corp. (VLO) $100.50 3.95%
Paychex Inc. (PAYX) $136.89 3.29%
Marathon Petroleum Corporation (MPC) $85.35 2.66%
Anthem Inc (ANTM) $502.48 2.33%
L3Harris Technologies Inc. (LHX) $251.81 2.11%
Lockheed Martin Corp. (LMT) $445.95 2.01%
Marathon Oil Corp. (MRO) $25.50 2.00%
Unitedhealth Group Inc. (UNH) $520.82 1.98%
Newmont Corporation (NEM) $79.89 1.80%

S&P 500 - Fallers

PVH Corp. (PVH) $82.70 -6.54%
Mohawk Inds Inc. (MHK) $130.93 -5.69%
M&T Bank Corp. (MTB) $172.26 -5.37%
Ipg Photonics Corp. (IPGP) $113.34 -5.31%
People's United Financial Inc. (PBCT) $20.32 -5.31%
QUALCOMM Inc. (QCOM) $152.73 -5.18%
Lowe's Companies Inc. (LOW) $209.49 -4.59%
Svb Financial Group (SIVB) $567.04 -4.31%
Nordstrom Inc. (JWN) $27.11 -4.31%
Best Buy Co. Inc. (BBY) $96.43 -4.29%

Nasdaq 100 - Risers

Paychex Inc. (PAYX) $136.89 3.29%
Automatic Data Processing Inc. (ADP) $227.76 1.25%
Fastenal Co. (FAST) $59.71 1.24%
Costco Wholesale Corp. (COST) $576.47 1.14%
Dollar Tree Inc (DLTR) $160.32 1.08%
Verisk Analytics Inc. (VRSK) $216.97 1.01%
Hologic Inc. (HOLX) $76.67 0.99%
Intuitive Surgical Inc. (ISRG) $304.44 0.81%
Cisco Systems Inc. (CSCO) $56.05 0.68%
Dish Network Corp. (DISH) $31.89 0.60%

Nasdaq 100 - Fallers

QUALCOMM Inc. (QCOM) $152.73 -5.18%
Qurate Retail Inc. (QRTEA) $4.87 -4.88%
Microchip Technology Inc. (MCHP) $76.39 -4.25%
Applied Materials Inc. (AMAT) $135.80 -3.99%
Mercadolibre Inc. (MELI) $1,209.85 -3.71%
Lam Research Corp. (LRCX) $548.56 -3.58%
Micron Technology Inc. (MU) $79.16 -3.52%
Asml Holdings N.V. (ASML) $684.56 -3.47%
Nvidia Corp. (NVDA) $276.90 -3.37%
Ross Stores Inc. (ROST) $92.61 -3.08%