Wall Street Close: Mixed close in the major indices as techs outperform again

• The S&P 500 closed 0.42% lower falling 13.19 points.
• The Dow moved 170 points lower to trade 0.65% lower.
• Once again the Nasdaq outperformed rising 0.15%.

The Nasdaq has been the star of the show on most of the sessions that Wall Street moves higher but today it was a real mixed bag. The S&P 500 and Dow were trading higher for most of the session but a wave of selling into the close took them both into the red. The risk sentiment has been mixed all day on Wednesday as EU and Asian bourses closed mixed too.

The risk sentiment, in general, has been very precarious. The rise of coronavirus cases in some key states is a real concern for investors at the moment. China have also locked down Beijing and flights have been cancelled from the city’s main airport. There seems to be a real worry that a second wave could gather momentum. 

Tech and pharma names were once again the best performers on the session while hotel and travel companies suffered once again. 

S&P 500 daily chart

Hertz saga

After some confusion earlier in the week car rental company Hertz shares were suspended news pending this afternoon. Then CNBC broke the story that the company will now not be going ahead with its planned bid to sell a new round of shares despite being bankrupt. It was the court ruling that allowed the company to move forward with the share sale in the first place but it seems that the SEC had the good sense to block the move. 

Fed Chair Powell comments

We also heard from Fed Chair Powell once again today as he sat before the U.S. House of Representatives Financial Services Committee. He once again banged the Fed drum over a fiscal response to the COVID-19 crises despite the US administration doing more than most nations during the coronavirus pandemic. 

We at the Fed need to keep our foot on the gas until we are really sure we are through this, and that’s our intention, and I think you may find that there’s more for you to do as well

It would be a concern if Congress were to pull back on the support that it’s providing, too quickly