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U.S. stocks finished Wednesday’s session near their lows as the market continued to struggle to break out from a tight range.
The Dow Jones Industrials ended a dipsy-doodle day on the down side, 152.61 points, to 34,447.21.
The S&P 500 skidded 7.67 points to 4,219.59. The S&P 500 is now just 0.15% below its record high of 4,238.04 reached on May 7.
Industrials and financials were the two biggest losers among the 11 S&P 500 sectors, dragging down the broader market.
The NASDAQ dropped 13.16 points to 13,911.75.
Meme stock mania continued Wednesday with day traders focusing their attention on Clean Energy Fuels this time, pushing the stock up more than 31%. Clover Heath, which surged over 85% in the prior session, pulled back 23% Wednesday.
Still, many on Wall Street believe the latest meme stock episode should stay contained to a handful of names, unlike the GameStop trading frenzy in January that had an impact on the broader stock market.
Investors await the next reading on inflation to gauge if higher price pressures are just temporary as the economy continues to rebound from the pandemic-induced recession.
The consumer price index for May is set to be released Thursday. Economists are expecting the CPI to rise 4.7% from a year earlier, according to Dow Jones. In April, the CPI increased 4.2% on an annual basis, the fastest rise since 2008.
Prices for 10-Year Treasurys gained, lowering yields to 1.49% from Tuesday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices retreated 34 cents to $69.71 U.S. a barrel.
Gold prices dumped $2.90 to $1,891.50 U.S. an ounce.
Dow Bruised 150 on 3rd Straight Day of Losses
