Trading was listless most of the day in the absence of major new economic data and only a few corporate earnings reports for investors to mull over. All three major indices have set multiple new records, including on Tuesday, amid relief and optimism following on optimism around a "Phase 1" trade deal announced last week between the United States and China, among other factors. But only the Nasdaq managed to continue the rally on Wednesday, to finish at its fifth straight record.
Investors appeared unperturbed by an impending vote in the House of Representatives to impeach President Donald Trump. The effort that lacks Republican support in the Senate where Trump's fate will be determined in a trial if the Democratic-controlled House approves the decision. Trading history during the impeachment of President Bill Clinton and the resignation of President Richard Nixon suggests Wall Street has little to worry about.
Losses in banks, industrial stocks, household goods makers and technology companies helped pull the market lower. They offset gains in real estate, communication services, health care and elsewhere in the market.
FedEx shares fell 10%, the worst drop by percentage in the S&P 500, after the delivery company cut its earnings targets for the fourth time in 2019. The company is caught between spending to stay competitive in a changing market, and a pronounced slowdown in the manufacturing sector.
General Mills rose 2.8% after quarterly earnings outpaced expectations on strength from its pet-food division.
Cigna added 2.4% after New York Life Insurance agreed to buy Cigna's group life and disability insurance business for $6.3 billion.
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PG&E, which is still negotiating its bankruptcy plans, rose 3.8% after the company won court approval of a $13.5 billion settlement with victims of wildfires over the past few years.
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