Energy and financial stocks dragged the Dow Jones index lower at closing as the price of oil dropped 1% to $49.31 a barrel.
The index retreated 50 points or -0.24% to 21,029.81 despite a rally in tech stocks. The S&P 500 closed -0.12% to 2,412.93 and Nasdaq 7 points or -0.11% to 6,203.19.
- Dow 21,029.8 -0.24%
- S&P 500 2,412.93 -0.12 %
- NASDAQ 6,203.19 -0.11%
- Russell 2000 1,371.19 -0.8%
- NYSE Composite 11,601.30 -0.26%
- Gold 1,265.60 -0.46%
- Oil WTI $49.65 -0.30%
- 10-year yield 2.22% -0.042
Superstar tech stocks?
Amazon's share price soared to a record high of just over $1,000 in intraday trading but closed up +0.09% to $996.70.
Its brief touch prompted market speculation about the possibility of Amazon entering the blue chip index.
Entry would require the online retailer to split its stock, something it last did 18 years ago. However, CEO, Jeff Bezos earlier this week at a shareholders meeting ruled out the possibility.
Google's Alphabet (up 0.29% to $996.17) also flirted with the $1,000 share price reching $997.62 at its highest. The barrier setting caused commentators to worry there could be a tech bubble in the making.
The so-called FANG stock (tech heavyweights of Facebook (+0.16% to $152.38), Amazon (+0.09% to $996.70), Netflix (+0.49% to $163.22) and Google (+0.29% to $996.17) are the tech stocks feeling a bit more investor love accounting as they do for around half the index.
Other market movers were Borg Warner, tech solution supplier, for combustion, hybrid and electric vehicles which increased +3.3% to $42.19 and Micron Technology up +3.2% to $30.70.
On the big board Verizon (+1.9% to $46.20) and 3M (+0.9% to $202.44) got a boost.
Energy and financials feel the heat
Energy stocks suffered a rout in share prices due to oil prices and an unconvinced market that the oil glut could be dealt with by recent OPEC extension of cuts.
However, there is more data about US crude supplies later this week and expectations that it will be lower.
Poor performers on the S&P 500 index included Kinder Morgan (-4.3% to $18.42), Devon Energy (-3.7% to $34.49) and Chesapeake Energy (-3.6% to $5.10).
Also slipping on the big board were Goldman Sachs -2% to $218.42 and JP Morgan Chase down 1.7% to $83.90.
Despite more economic news supporting the Fed Reserve rate hike Treasuries fell 2 basis points to 2.228%. Bond prices are inverse to yields.
Economic data showed an upwards swing in personal spending in April to 0.4% and a slowing of the annualized inflation rate to 1.5%.
Meanwhile in Europe the FTSE fell 21 points to 7526.51p as the market absorbed IAG, owner of British Airways and its IT fiasco over the weekend.