07.01.202615:30:39UTC+00US Stocks Maintain Mixed Momentum

On Wednesday, U.S. stock performance presented a mixed picture as the anticipation of lowered interest rates by the Federal Reserve contended with economic data presenting differing signals. The S&P 500 hovered near the previous day's record level, the Dow dropped by 150 points, and the Nasdaq 100 advanced by 0.3%. Labor market indicators varied, with JOLTS data indicating a significant decline in job openings, while the ADP report showed an uptick in private sector employment. Additionally, the ISM Services PMI demonstrated robust economic activity within the service sector. Semiconductor stocks pared back gains from the prior day, though Micron and Texas Instruments were still up by more than 5% for the week. Financial services firms exerted downward pressure on the Dow, with both JPMorgan and Blackstone seeing losses of approximately 3%. In contrast, shares in refineries like Valero, Marathon Petroleum, and Phillips 66 surged following President Trump's announcement that the U.S. has arranged initial oil exports from Venezuela, favoring Gulf Coast refineries handling heavy, sour crude. Chevron, the sole American company with Venezuelan operations, also saw its stock rise.