Wednesday brought a reality check to U.S. markets, with the Dow Jones shedding more than 450 points just one session after hitting record highs. The pullback pushed the CNN Money Fear and Greed Index down to 46.6 from 51.9, though it remained parked in the "Neutral" zone—suggesting investors haven't quite tipped into panic mode yet.
Not everything went south, though. Intel Corp. (INTC) surged nearly 7%, becoming the day's top mega-cap gainer after investors gave a thumbs-up to its new product lineup unveiled at CES. Reports highlighted a gaming-focused processor and platform that seemed to resonate with the market, offering a bright spot in an otherwise gloomy session.
On the economic front, there was a mixed bag of data to digest. The ISM services PMI climbed for a third consecutive month, reaching 54.4 in December versus 52.6 in November and handily beating expectations of 52.3. That's the good news. The less cheerful news? U.S. job openings tumbled by 303,000 to 7.146 million in November, marking the lowest level since December 2020 and missing the 7.60 million forecast.
The sectoral breakdown showed most of the S&P 500 finished in the red, with materials, utilities, and industrials taking the hardest hits. Health care and communication services stocks bucked the trend, managing to close higher while the rest of the market struggled.
Final numbers: The Dow closed down roughly 466 points at 48,996.08. The S&P 500 slipped 0.34% to 6,920.93, while the Nasdaq Composite squeezed out a 0.16% gain to finish at 23,584.28.
Looking ahead, investors are eyeing earnings reports from TD Synnex Corp (SNX), Commercial Metals Co (CMC), and Acuity Inc (AYI) for further market direction.
