Stocks gave back a big chunk of their earlier gains Wednesday as a drop in tech shares offset optimism about the reopening of the economy.
The Dow Jones Industrials popped 256.93 points, or 1%, to 25,252.04.
The S&P 500 stayed afloat 9.48 points to 3,001.25.
The NASDAQ, on the other hand, dipped 63.89 points to 9,276.28, as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all slid at least 0.3%.
Stocks benefiting from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video moved lower 8.1%, and Netflix dropped 3.3% Shopify lurched lower 9.6%, Amazon dropped 3.2%, and Teladoc Health fell 8.9%.
Bank stocks were broadly higher as investors cheered the prospects of the economy reopening. JPMorgan Chase was up 3.6% while Citigroup advanced 4.9%.
On Wednesday, the Mortgage Bankers Association reported a sixth straight weekly rise in mortgage applications. Data released Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.68% from Tuesday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.28 to $33.07 U.S. a barrel.
Gold prices slipped 15 dollars to $1,713.20 U.S. an ounce.
