US: S&P 500 ends lower after flirting with record

[NEW YORK] The S&P 500 ended slightly lower on Wednesday after flirting with a record in a choppy session just before key earnings later in the week.

The broad-based index had edged above its all-time closing high during the session, but failed to hold the gains even as the Nasdaq eked out a second straight record.

"There seems to always be a little bit of a barrier" to new records, said TD Ameritrade's JJ Kinahan, who cited a dearth of major market news catalysts as a factor behind the directionless trading.

The Dow Jones Industrial Average dipped 0.2 per cent to 33,874.24.

The broad-based S&P 500 slipped 0.1 per cent to 4,241.84, while the tech-rich Nasdaq Composite Index gained 0.1 per cent to 14,271.73, edging higher from Tuesday's all-time high.

New home sales were at 769,000 annualised in May, 5.9 per cent below April's downwardly revised rate and also lower than analysts had forecast, according to Commerce Department data.

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Mr Kinahan said earnings Thursday from Nike and FedEx should provide insights into consumer health, and personal income and spending data set for release on Friday should provide further details.

Thursday's calendar also includes weekly jobless claims and durable goods orders.

Among individual companies, Southwest Airlines dropped one percent as it announced that Gary Kelly will step down as chief executive in early 2022 and become executive chairman, while longtime executive Robert Jordan will be the next CEO.

PVH rose 2.9 per cent as it announced an agreement to sell several leading brand trademarks to Authentic Brands Group for US$220 million. The transaction includes the Izod and Geoffrey Beene brands.

AFP