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Stocks finished mixed Wednesday. The Dow gained 22 points to 25974, while the S&P 500 retreated 8 points to 2888. The Nasdaq Composite lost 96 points to 7995.
The major averages fluctuated as weakness in the Tech sector weighed on the market. In geopolitics, the U.S. and Canada resumed NAFTA negotiations today. Meanwhile, the White House is expected to implement a 25% tariff on an additional $200 billion of Chinese imports as soon as tomorrow. On the data front, mortgage applications slipped 0.1% in the most recent week, better than the last period’s 1.7% decline. In a separate report, July’s trade deficit widened more than projected to $50.1 billion in July, the widest margin in three years.
Eight of 11 S&P 500 sectors ended in positive territory. However, Technology shares finished sharply lower as several top social media executives testified before Congress. Shares of Facebook were off 2.3% to $167.18 and Twitter was down 6.1% to $32.73. Consumer Discretionary shares also provided a market headwind with Netflix losing 6.2% to $341.18. In corporate news, Walmart added 1.3% to $96.62 after the retailer was the subject of an analyst upgrade.
Breadth was even on issues on the NYSE and negative on issues by 8:5 on the Nasdaq. Composite NYSE volume was more than 4.3 billion shares.
Treasuries are little changed with the yield on the benchmark 10-year note flat at 2.90%. In commodities, WTI crude lost 1.5% to $68.85/barrel. COMEX gold added 0.3% to $1197.50/ounce amid a weaker dollar.