Markets ended mixed Wednesday with the Nasdaq unable to recover from Tuesday’s slump -one of the biggest Wall Street drops all year.
The Dow rose 90 points. The S&P 500 gained 6. The Nasdaq shed 34 points.
Lower bond yields helped most of the market rebound, says Barrett Asset Management’s Amy Kong.
“Treasury yields have steadied off a little bit and so that helps the tech stocks recover to a degree. I mean, it was stronger this morning, so I think it probably could be just a bounce of some sort. But I think, again, depending on where yields go for the next quarter, let’s say, I think that’s going to dictate how, again, market sentiment will will shift.”
Boeing was a market standout. The aerospace giant last month test flight of its 737 MAX in China was successful. It hopes China’s aviation regulator will lift a two-year ban on the plane sometime before the end of this year. Shares of Boeing rallied more than 3 percent.
Netflix purchased its first video game studio, snapping up game creator Night School Studio. Netflix is looking to diversify beyond movies and TV shows as the streaming video world gets crowded. Shares of Netflix jumped 2.6 percent.
Walmart plans to hire 150,000 workers for its U.S. stores in preparation for the busy holiday-shopping season. Walmart says most of the positions are permanent and full-time. Walmart has hiked wages three times this year. Average pay is now more than $16 an hour. Shares of Walmart fizzled into the close.
Warby Parker, the eyewear start-up, made its debut on the New York Stock Exchange. The stock surged 36 percent in its first day of trading, giving it a $6 billion market valuation.
On the economic front, pending home sales surged to a seven-month high in August after dropping the prior two months. According to the National Association of Realtors, signed contracts were still down more than 8 percent as higher prices dampened demand.