S&P 500 ends Wednesday little changed as record high remains in reach: Live updates

The S&P 500 closed little changed on Wednesday, but remains within arms reach of its record high.

The broad market index was flat to finish the session at 6,092.16, while the Nasdaq Composite gained 0.31% to 19,973.55. The Dow Jones Industrial Average slipped 106.59 points, or 0.25%, to close at 42,982.43.

— Brian Evans

The S&P 500 may be on the verge of hitting its all-time high again. But while tech names are responsible for much of the market’s overall gains, a closer look at individual constituents suggests the tech sector is still ways off from a breakout, according to Carter Worth.

Worth, the CEO and founder of Worth Charting, told CNBC on Wednesday that the tech sector’s rally is “so thin in terms of a few big names” that are the ones making sharp new highs.

“The interesting thing is this, if you were to look at where the sector is now and you referred to it as an all time high, in relation to the February 18th market peak, we know that it is broken out and made a new high,” Worth said. “On a relative basis, despite this, tech is actually underperforming the market, on a trailing 12 month basis, albeit barely, but that is the case.”

He pointed out that of the 69 constituents that comprise the tech sector, only 5 are up since their respective February 18th highs. “The median stock in the sector is down 5.5% since February, even as the sector’s making new highs and the average stock is down 7%,” he said.

The tech sector is up 5.7% year to date, and has rallied about 14.5% over the past three months as enthusiasm has poured back into the tech and AI trade.

— Pia Singh

Mastercard is joining the Global Dollar Network, a stablecoin consortium founded by blockchain company and stablecoin issuer Paxos, and adding support for PayPal’s stablecoin (PYUSD) and the newly introduced Fiserv stablecoin (FIUSD). Robinhood, Galaxy and crypto exchange Kraken are also members of the group. Mastercard will continue to support Circle’s USDC.

Interest in stablecoins has exploded this year as the White House has given the crypto industry its blessing to innovate and stablecoin legislation continues to progress through Congress. President Trump has said he wants a bill on his desk ready to sign before the August recess.

Mastercard along with Visa and other payments stocks have sold off recently on worries that stablecoins could eat into their fee revenue, but plenty of Wall Street analysts have said those fears may be overblown.

“Consumers and merchants adopt solutions that are convenient, secure and dependable … We don’t see stablecoins disrupting this dynamic — in fact, they reinforce it,” Jorn Lambert, chief product officer at Mastercard, said in a statement Wednesday. “We expect that consumers and businesses will continue to use fiat currency with their Mastercard cards for most use cases … But regulated stablecoins are undoubtedly part of the evolution of digital payments.”

— Tanaya Macheel

Investors should consider diversifying further as stocks hover hear all-time highs, according to Morgan Stanley Wealth Management head Daniel Skelly.

“With the S&P 500 having rallied more than 25% off its April low, complacency may be an investor’s biggest enemy. While AI adoption, deregulation, and other potential catalysts are waiting in the wings, they will likely play out closer to 2026,” Skelly said.

“In the meantime, the market may not yet be fully pricing in the effect of tariffs, especially for companies outside of the S&P 100 that may lack pricing power. Instead of counting on continued index highs, investors may want to lean into diversification, incorporating gold and other commodities, fixed income, alternative assets, and select international equities in their portfolios,” he added.

— Brian Evans

Federal Reserve Chair Jerome Powell in his second day of Capitol Hill testimony stuck to his cautious approach to tariffs and inflation, saying there will be room for rate cuts if the impact is temporary.

“It’s a risk. We feel like, as the people who are supposed to keep stable prices for the benefit of the American people, we can manage that risk too,” the central bank leader said in an appearance before the Senate banking committee. “That’s all we’re doing. We’re not deciding what to do yet.”

As he did during his testimony Tuesday before the House Financial Services Committee, Powell would not put a timetable on when he thinks further interest rate cuts will be possible, despite heavy pressure President Donald Trump has exerted to get the Fed to cut rates.

Earlier in the day, Trump called Powell “terrible” in a talk with reporters, and said he has three or four candidates in mind as a replacement, according to multiple media reports.

Despite the political pressure, most of the questions Powell faced during the two-day mandated hearing were cordial. Sen. Bernie Moreno (R-Ohio) was one of the few to take an overtly hostile one.

“You’re costing this government $400 billion a year by refusing to lower interest rates,” Moreno said. “Nobody in this chamber has that kind of power to have a $400 billion impact on our economy. I just think you should consider whether you’re really looking through a political lends because you don’t like tariffs.”

Echoing Trump’s criticism, Moreno said, “We got elected by millions of voters, you got elected by one person. He doesn’t want you in that job.”

—Jeff Cox

Drone maker AeroVironment surged more than 20% in Wednesday’s session, on track for its best day in more than a year. Shares also hit an all-time intraday high.

The company said it earned an adjusted $1.61 per share on $275 million in revenue for the fiscal fourth quarter. Analysts polled by LSEG forecasted just $1.39 a share and $242 million, respectively.

Shares also got a boost after CNBC’s Jim Cramer called the stock the next “Palantir of hardware.”

AeroVironment, 1-day

Shares of New York regional bank Flagstar slid 6% on Wednesday after the apparent victory of Zohran Mamdani in the New York City Democratic mayoral primary.

Flagstar was formerly known as New York Community Bancorp and came under pressure in 2024 in part due to its real estate exposure. Mamdani, who is now the likely favorite to win the general election in November, promised to freeze rent increases in stabilized units during his campaign.

The exact impact of such a rent freeze on Flagstar’s books is unclear. Deutsche Bank analyst Bernard von-Gizycki estimated that between $16 billion and $18 billion of the bank’s multi-family loan portfolio would be exposed to New York rent regulations, or about a quarter of bank’s loan book.

However, Barclays analyst Jared Shaw said in a note to clients that current rent regulations are already keeping price hikes below the pace of cost increases, and added “we do not see this prospect as something that would change the investment thesis.”

— Jesse Pound, Michael Bloom

BP

The newspaper said talks between BP and Shell are active but a deal is far from certain.

— Yun Li, Spencer Kimball

Technology stocks and artificial intelligence will likely be continue to be the key forces behind the market moving forward, according to JPMorgan.

“Absent major policy and/or geopolitical surprises (i.e., tariff escalation, oil shock), we believe the path of least resistance to new highs will be supported by Tech/AI-led strong fundamentals, a steady bid from systematic strategies, and flows from active investors on dips,” JPMorgan head of global research Hussein Malik wrote on Wednesday.

“In a backdrop of sluggish interim growth and higher-for-longer rate environment, we are likely to see a repeat of the 2023- 2024 playbook of unhealthy narrow market leadership and high market concentration,” he added.

— Brian Evans

Shares of Robinhood rose more than 3% in morning trading Wednesday and had hit a fresh all-time high of $85.55 during the session.

If the stock finishes the trading day above $82.01 per share, it will see its highest close on record.

Wednesday’s move higher puts its year-to-date gains at around 127%.

HOOD, 1-day

Bumbleshares jumped nearly 20% after the dating app company revealed it plans to cut 30% of its workforce, or about 240 roles.

Bumble said the job cuts are part of a reconfiguration of its “operating structure to optimize execution on its strategic priorities.” Management estimates that the reductions will help the company save $40 million annually, and said it plans to invest savings into new product and technology development.

Along with the cuts, Bumble updated its previously announced forecast for the current quarter.

The stock, which is down nearly 24% year to date, has plunged since its 2021 public trading debut.

— Pia Singh, Samantha Subin

Members of the North Atlantic Treaty Organization agreed to raise their defense spending target to 5% of gross domestic product by 2035, up from 2% previously.

The move by NATO could help fuel demand growth for U.S. defense contractors in the decade ahead.

The iShares U.S. Aerospace & Defense ETF (ITA) is up 25% year to date, in part because investors have been pricing in increased defense spending from Europe.

— Jesse Pound, Holly Ellyat

The S&P 500 opened higher on Tuesday and was hovering near its all-time high.

The broad market index gained 0.1%, while the Nasdaq Composite added 0.6%. The Dow Jones Industrial Average lost 25 points, or 0.07%.

— Brian Evans

In a Wednesday note, Goldman Sachs upgraded Duke Energy to a buy rating from neutral.

Analyst Carly Davenport’s price target of $132 is approximately 13% above where the stock closed on Tuesday. Shares of Duke Energy are up nearly 9% this year but still lag behind their more defensive peers, Davenport noted.

DUK YTD chart

At its current levels, the company’s valuation looks attractive, especially versus its business fundamentals.

“We upgrade Duke Energy (DUK) to Buy from Neutral as we become more constructive on the company’s outlook from a load growth, generation capex, regulatory and balance sheet perspective and view valuation as more compelling as the stock trades at a discount to other premium utilities,” she wrote.

— Lisa Kailai Han

A new CEO at Stellantis and turnaround in earnings should help push shares of the automaker higher, according to Jefferies. The firm upgraded the stock to buy from hold and raised its price target to $13.20, implying about 38% upside from Tuesday’s close.

“Reversing years of share loss takes time, but data looks encouraging,” analyst Philippe Houchois said in a note Wednesday.

Plus, Antonio Filosa, a company veteran who was named CEO in May, has had time to put together a plan to make Stellantis competitive, he added.

“We expect fast decisions and more internal support (vs outsider),” Houchois wrote. “From new platforms to alliances with Chinese companies, STLA has laid foundations for global relevance,”

Shares of Jeep parent were up 4% in premarket trading.

— Michelle Fox

FedEx was poised to open lower on Wednesday.

FedEx forecast adjusted earnings per share of $3.40 to $4.00, below the $4.05 expected by analysts, according to FactSet.

The drop came despite results for FedEx’s fiscal fourth quarter that topped expectations. FedEx reported $6.07 in adjusted earnings per share on $22.22 billion in revenue. Analysts surveyed by LSEG were looking for $5.84 per share on $21.79 billion of revenue.

— Jesse Pound

In a Wednesday note, Godman Sachs upgraded Kraft Heinz to a neutral rating from sell. Analyst Leah Jordan accompanied the upgrade by raising her 12-month price target to $27, which implies a mere 4% upside from the stock’s Tuesday closing price. Jordan added that her price target increase includes an M&A valuation.

Shares of Kraft Heinz have stumbled 15% this year.

KHC YTD chart

Jordan wrote that she was upgraded the stock after the company’s previously announced review of strategic alternatives could lead to a more balanced risk-reward ratio.

“On May 20th, KHC announced it has been evaluating potential strategic transactions to unlock shareholder value, along with the step down of two board members from its top shareholder, Berkshire Hathaway (owns 27.5%),” she said. “Should its largest shareholder be looking to sell-down its position after 10+ years of ownership (as suggested by media reports), monetizing assets could be utilized to enable buybacks.”

Jordan continued: “Specifically, KHC has a portfolio of well-known brands, thus we acknowledge there are potential actions which could be accretive to shareholders.”

— Lisa Kailai Han

President Donald Trump’s proposed budget bill has made Wells Fargo less uncertain when it comes to Sunrun.

While analyst Michael Blum stood by his overweight rating on the solar stock, he cut his price target to $8 per share from $10. The potential upside he sees for the stock now sits at just 11%.

Shares of Sunrun have tumbled 22% in 2025.

RUN YTD chart

In its base case, Blum assumed that Sunrun pivots to a battery only model going forward.

“Battery tax credits were maintained in the Senate draft & will last through 2032+. We assume no meaningful cost savings & a sustained $85MM/yr of cash burn,” he wrote. “While the Big Beautiful Bill significantly cuts resi solar tax credits, we believe RUN can still generate cash under a battery only model with LT upside tied to grid services or a pivot to PPAs.”

While Sunrun’s grid services business is still in its early stages, the analyst sees “significant long-term potential.” Current revenue is estimated at around $20 million per year, but Sunrun could eventually scale the business, leading to $500 million in upfront proceeds from securitizing $100 million in annual cash flow, Blum added.

— Lisa Kailai Han

Tesla’s new car sales in Europe slipped for a fifth-consecutive month in May, according to a report from the European Automobile Manufacturers Association (ACEA) on Wednesday.

Sales of Tesla’s in the European Union, Britain and the European Free Trade Association declined to 13,863 vehicles last month, the report said, equating to a fall of 27.9% year-on-year.

Shares of Tesla were marginally higher in the premarket.

— Brian Evans

The Nasdaq-100 on Tuesday posted a fresh record close, while other major benchmarks moved within striking distance of their all-time highs. Here’s where the others stand relative to their record levels:

• S&P 500: less than 1% below
• Nasdaq Composite: 1.5% below
• Dow Jones Industrial Average: 4.4% below

— Fred Imbert

The Nasdaq 100 notched a record close on Tuesday. That marked the index’s first all-time closing high since February.

The index is up about 4% in June, on track for its third positive month in a row. It has rallied more than 15% this quarter, which would mark its biggest quarterly gain since 2023.

The Nasdaq 100

These are the stocks moving after hours:

• FedEx — The package delivery stock fell 4.7%. Despite earnings for the fourth fiscal quarter coming in better than expected, the company’s current quarter guidance was weaker than anticipated.
• AeroVironment — The defense technology stock slipped 3.4% after guidance for full-year earnings per share came in at between$2.80 and $3, excluding items, while analysts polled by FactSet estimated $3.82. However, the company beat expectations on both lines for the fiscal fourth quarter.
• Worthington Enterprises — The Coleman parent rallied 9.7% on a stronger-than-predicted earnings report for the fiscal fourth quarter. Worthington recorded $1.06, excluding items, for earnings per share, beating the consensus forecast of 83 cents from analysts polled by FactSet. Revenue came in at $317.9 million, also topping the Street’s estimate of $301.4 million.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET Tuesday night.

— Alex Harring