Can 2023 eke out another market record?
The S&P 500 is hovering just 0.5% below its all-time high. Already this year, the benchmark index has staged a huge comeback from last year’s steep slide.
Stocks wavered at the open Wednesday, with mixed gains and losses.
Stock indexes held steady. The S&P 500, Dow industrials and Nasdaq Composite were little changed. The Dow closed at its second-highest level in history Tuesday.
Treasury yields inched down. The benchmark 10-year yield declined slightly, extending Tuesday’s modest drop to 3.885%. Yields fall when bond prices rise.
Chinese technology stocks gained after authorities approved a slew of new online video games, signaling a reversal of tighter controls on the videogame industry. Netease jumped 12% and Tencent added 4% in Hong Kong trading.
Japanese stocks rose, lifted by SoftBank. U.S. telecom T-Mobile will issue $7.6 billion worth of shares to SoftBank, part of a deal struck in 2020. The Japanese company surged as much as 7% intraday and closed up 4%.
Oil prices declined as traders assessed disruptions in the Suez Canal region. Major shipping firms are returning to routes through the Red Sea. Brent crude edged down to trade just above $80 a barrel.
Elsewhere, stocks were subdued. The Stoxx Europe 600 edged up.
