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MarketWatch MarketPulseJun 26, 2019
Nasdaq snaps 3-day skid as Micron's stock jumps but trade-hope rally falters in late trade
The Nasdaq Composite Index registered a modest gain on Wednesday, buoyed by a Micron Technologies-led rebound in chip makers, but the broader market finished slightly lower to flat, as selling in real estate, utilities and consumer staples weighed. The Nasdaq finished up 25 points, or 0.3%, at 7,910 (on a preliminary basis), halting three straight days of losses as upbeat quarterly results by Micron helped to inspire a rally in the semiconductor sector . However, gains faded in the last two hours of trade as investors wrestled with the coming G-20 gathering in Japan, where President Donald Trump and his Chinese counterpart, Xi Jinping, are expected to discuss a cease-fire in tariff tensions. Markets were higher in early trade after investors interpreted a CNBC interview of Treasury Secretary Steven Mnuchin in Bahrain as signaling hope for a Sino-American trade deal. Mnuchin said that an accord was 90% complete. The Dow Jones Industrial Average closed down 11 points, or less than 0.1%, at 26,536, while the S&P 500 index shed 0.1% to end at 2,914.

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