US close: Mixed session for major indices as meme stock mania continues to escalate

At the close, the Dow Jones Industrial Average was down 0.09% at 34,599.82, while the S&P 500 was 0.02% firmer at 4,227.26 and the Nasdaq Composite saw out the session 0.31% higher at 13,924.91.

The Dow opened 30.42 points lower on Tuesday, extending losses recorded in the previous session despite ongoing optimism regarding the US economy reopening in the summer.

The Dow Jones and S&P 500 were both somewhat muted at the end of trading as market participants continued to look ahead to last month's consumer price index on Thursday following last week's jobs report, which revealed the US had added fewer jobs than originally expected in May but the unemployment rate had dropped to 5.8% from 6.1%.

In focus throughout the session were moves from Reddit traders, who turned their attention towards medicare provider Clover Health and fast-food chain Wendy's - up 85.82% and 25.85%, respectively.

On the macro front, confidence among US small businesses weakened last month, driven lower by concerns about staff shortages and rising inflation. The closely-watched National Federation of Independent Business' optimism index declined by 0.2 points to reach 99.6 in May, from 99.8 in April. It was also below consensus, for around 101.0, and the first fall after three consecutive months of rises.

Elsewhere, the US trade balance for April came in at $69.9bn, according to the Census Department, slightly wider than the expected print of $69.7bn but down from March's print of $75.0bn as imports dropped 1.4% to $273.9bn and exports rose 1.1% to $205.0bn. Year-to-date, the goods and services deficit has increased $94.5bn or 50.5% year-on-year. However, the 2020 deficit was largely impacted by Covid-19-related lockdown measures.

Lastly, job openings surged to a new record high in April, hitting 9.3m during the month as the US economy rapidly bounced back from its Covid-19 pandemic lows, according to the Labor Department's job openings and labour turnover survey. The April print was also well above the 8.3m new jobs added in March- itself a series high going back to 2000.

In the corporate space, Tesla shares dipped even after revealing it had delivered 33,463 Chinese-made vehicles in May, a 29% jump from April, while Delta Air Lines was in the green on the back of an upgrade from analysts at Jefferies.

Boeing also climbed 6.61% after Southwest Airlines agreed to increase its order for the firm's smallest 737 Max model by almost three-dozen planes amid a bounce back in travel demand.