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US close: Nasdaq registers another record close

By Iain Gilbert

Date: Wednesday 23 Jun 2021

US close: Nasdaq registers another record close

(Sharecast News) - Wall Street stocks put on a mixed performance on Wednesday, with the Nasdaq Composite seeing out the session at yet another fresh record high.
At the close, the Dow Jones Industrial Average was down 0.21% at 33,961.81, while the S&P 500 was 0.11% weaker at 4,241.84 and the Nasdaq Composite closed out the session 0.13% stronger at 14,271.73.

The Dow closed 71.34 points lower on Wednesday, extending gains recorded in the previous session.

While markets searched for direction on Wednesday, testimony from Federal Reserve Chairman Jerome Powell before the House of Representatives on Tuesday was still on investors' minds, with his reiterated that inflation pressures would only be temporary listing sentiment somewhat.

On the macro front, mortgage applications increased 2.1% on an adjusted basis in the week ended 18 June 18, according to data from the Mortgage Bankers Association's weekly mortgage applications survey. On an unadjusted basis, the index increased 1% week-on-week, while the refinance index increased 3% but was 9% lower than the same week a year ago.

Elsewhere, America's shortfall on foreign trade and income flows with non-residents widened by less than anticipated at the start of the year. According to the Department of Commerce, in seasonally adjusted terms, the US current account deficit jumped by 11.8% quarter-on-quarter to reach $195.7bn. Economists had pencilled-in a deficit of $207.1bn.

Still to come, a flash reading of IHS Markit's June manufacturing PMI same the index rise to 62.6 from 62.1 in May, better than the market expectation of 61.4 and a new series high.

Lastly, sales of new US homes fell for a second consecutive in May, down a larger-than-expected 5.9%, according to the Commerce Department, pushing sales to a seasonally adjusted annual rate of 769,000. The median price of a new home sold in May rose to $374,400, up 18.1% year-on-year.

In the corporate space, Winnebago posted record results that came in ahead of expectations, with towable revenue nearly tripling, while KB Home posted quarterly revenues of $1.44bn, short of estimates for a print of $1.5bn.

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