Wall Street Slips, But Gains In Tech Keep Lid On Losses

Investing.com - Wall Street slipped Wednesday, as traders continue to unwind their bets on stocks tied to the progress of the economic reopening, but losses were limited by strength in tech and expectations the Federal Reserve will signal ongoing support for the economy.

The Dow Jones Industrial Average fell 0.53%, or 144 points, the S&P 500 slipped 0.20%, while the Nasdaq Composite added 0.62%.

Energy and financials led the broader market decline as a jump in Covid-19 infections amid easing restrictions nationwide prompted investors to pull some of their bullish bets financials and energy.

In Texas, the number of new cases reported each day has increased from an average of about 1,081 during the week ending May. 24 to about 1,527 in the past week.

Energy was also hurt by a fall in oil prices as data showing an unexpected rise in U.S. weekly crude inventories sparked renewed concerns about crude demand.

Oil inventories climbed 5.7 million barrels for the week ended June 5, the EIA said, confounding estimates for a draw of 1.7 million barrels.

Technology, however, defied the broader market sell-off, with Apple and Nvidia (NASDAQ:NVDA) leading the gains, with the latter up nearly 4%.

Apple (NASDAQ:AAPL) rose 2% as Deutsche Bank (DE:DBKGn) raised its price target on the stock to $350 from $320.

The weaker backdrop comes ahead of the Federal Reserve's decision, scheduled to be announced later Wednesday, and the press conference with chairman Jerome Powell.

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