Stock market today: US stocks mixed as investors watch for cues | June 26, 2024

US stocks were a mixed bag on Wednesday after the S&P 500 and Nasdaq snapped a three-day losing streak, as investors watched for signs of life in the tech-driven rally and weighed the prospects for rate cuts.
The benchmark S&P 500 (^GSPC) fell around 0.1% while the Dow Jones Industrial Average (^DJI) dropped about 0.3%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) was up about 0.3%.
The moves lower in stocks came as Treasury yields inched off their 3-month lows. The 10-year Treasury yield (^TNX) added 6 basis points to climb back to 4.3%.
A wobbly last handful of sessions has left investors wondering whether the drag on stocks is temporary or the start of a more solid retreat. The outsize impact of Nvidia stock on broader performance has underlined the question.
At the same time, the market is looking to economic prints for cues ahead of the key PCE inflation release on Friday. Federal Reserve speakers this week have underlined their caution in deciding to make interest-rate cuts, dependent on the data.
Elsewhere, Rivian (RIVN) shares surged more than 30% in morning trading after the EV maker announced an alliance with Volkswagen (VWAGY) that could boost its coffers by up to $5 billion. FedEx (FDX) stock jumped as its 2025 profit forecast topped Wall Street estimates.
Investors will watch how Chipotle (CMG) fares as its 50-for-1 stock split takes effect this morning - the largest in the history of the NYSE. Shares in the burrito seller are up 47% year to date.
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