NEW YORK (AFP) – Wall Street stocks were mixed at the end of a meandering session on Tuesday (Feb 16) as investors assess the prospects for more stimulus from Washington and the odds of a market pullback.
US President Joe Biden was set to travel to Wisconsin to campaign for his US$1.9 trillion (S$2.5 trillion) fiscal relief package now that the Senate has completed the impeachment trial of his predecessor, Donald Trump.
Investors are also grappling with concerns over lofty equity valuations after a series of records by major US stock indices.
“We still believe the market is ripe for a pullback,” said a note from Canaccord Genuity, which warned of corrections, “followed by even more gains.”
The Dow Jones Industrial Average edged to a fresh record at 31,522.75, up 0.2 per cent.
But the broad-based S&P 500 declined 0.1 per cent to 3,932.59, while the tech-rich Nasdaq Composite Index slid 0.3 per cent to 14,047.50.
Among individual companies, Palantir Technologies slumped 12.8 per cent as the software company reported a fourth-quarter loss of $148.3 million.
Apple fell 1.6 per cent following reports that Nissan said it was not working with the tech giant on autonomous driving technology.
General Motors slipped 0.1 per cent as it unveiled the all-electric Bolt EUV, an SUV model that is part of the automaker’s fleet of new emission-free autos.
CVS Health dropped 5 per cent on disappointment over the pharmacy chain’s 2021 profit forecast, which lagged analyst expectations.