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21/02/24 Briefing

Wall Street closed mixed on Wednesday, dragged down by tech stocks. Chip stocks continued to weigh heavy on the markets. Minutes from the last Fed meeting showed concerns over the rate cut timeline. Two of the three major stock indexes ended marginally in the green while one ended in the red.

How Did the Benchmarks Perform?

The Dow Jones Industrial Average (DJI) rose 48.44 points, or 0.1%, to close at 38,612.24. Eighteen components of the 30-stock index ended in positive territory, while 12 ended in negative.

The tech-heavy Nasdaq Composite lost 49.91 points, or 0.3%, to close at 15,580.87.

The S&P 500 added 6.29 points, or 0.1%, to close at 4,981.80. Nine of the 11 broad sectors of the benchmark index closed in the green. The Energy Select Sector SPDR (XLE), the Utilities Select Sector SPDR (XLU) and the Consumer Discretionary Select Sector SPDR (XLY) advanced 1.9%, 1.3% and 0.7%, respectively, while the Technology Select Sector SPDR (XLK) declined 0.6%.

The fear-gauge CBOE Volatility Index (VIX) decreased 0.5% to 15.34. A total of 10.5 billion shares were traded on Wednesday, lower than the last 20-session average of 11.7 billion. Decliners were in line with advancers on the NYSE. On the Nasdaq, declining issues outnumbered advancing ones by a 1.73-to-1 ratio.

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