- Industrials stocks Caterpillar and 3M led the Dow higher Wednesday.
- Tech stumbled, with Salesforce and Microsoft ending as the day’s biggest losers.
- Visa shares dropped on a report that the Senate is considering legislation to let merchants bypass transaction networks.
The Dow Jones Industrial Average (DJIA) moved higher by a little under 0.3%, or 92 points, as investors processed a slew of economic indicators and a central bank surprise.
The U.S. trade deficit widened in April, while Chinese products’ share of total U.S. imports fell to its lowest level in more than a decade. And the Bank of Canada unexpectedly restarted its rate-hike cycle, raising interest rates 25 basis points to tame what officials described as a too-hot economy.
Investors shied away from tech stocks, with the Nasdaq falling 1.3%, the worst of the major stock indexes. In early trading, the S&P 500 crossed the bull market threshold before falling to end the day down 0.4%.
Goldman Sachs (GS) was up about 2.8%, while shares of fellow financial firm JPMorgan Chase rose 1%.
Salesforce (CRM) shares fell 3.3% after a report claiming CEO Marc Benioff shuffled some of the company’s top executives into new roles.
Shares of Microsoft (MSFT) fell 3% after company president Brad Smith met with U.K. regulators to discuss their opposition to the company’s acquisition of video game maker Activision Blizzard (ATVI). The broader technology sector struggled today, falling 1.5%.
Visa (V) fell 1.3% after lawmakers reintroduced legislation that would let merchants process transactions over networks other than that of the card issuer.