US stocks trade mixed as tech and banks weigh on gains
US stocks trade mixed, with the S&P 500 and Dow 0.3% higher while the Nasdaq 100 falls, as AI infrastructure and banks lag and Treasury liquidity measures support equities.
US stocks were mixed on Wednesday as losses for AI infrastructure and banks offset gains in other sectors.
The S&P 500 and the Dow were 0.3% higher, while tech losses drove the Nasdaq 100 to the red.
The Treasury doubled the limit on buybacks of long-term securities for next quarter, adding to a series of other measures it took to control the recent surge in longer benchmark borrowing costs.
Besides reducing rates, the outlook of higher dollar liquidity from the Treasury's intervention also supported equities.
This was combined with minutes from the FOMC confirming some calls that rate hikes may be appropriate this year.
Retail stocks were mostly higher after TJX, Target, and Lowe's reported their earnings results.
Meanwhile, the pharmaceutical sector surged, with Merck advancing 12% and Moderna surging 150% after a trial on their joint vaccine cut recurrence in melanoma.
On the other hand, tepid results by OpenAI pressured chip producers with AMD and Intel dropping 4%.