Stocks were mixed Wednesday as the broader market rally took a pause. The S&P 500 and Nasdaq Composite closed lower, while the Dow Jones Industrial Average climbed over 90 points.
Here's how the market settled on Wednesday:
S&P 500 Index (SPY 0.00%): -0.38% or -16.33 points to 4,267.52
Dow Jones Industrial Average (DIA 0.00%): +0.27% or +91.74 points to 33,665.02
Nasdaq Composite Index (QQQ 0.00%): -1.29% or -171.52 points to 13,104.90
One of the top drivers of market moves on Monday was data on the U.S. trade deficit for April, which continued to increase to reach $74.6 billion. Meanwhile, exports fell by $9.2 billion and imports rose by $4.8 billion.
Coinbase (COIN 0.00%) also remained in-focus on Wednesday following charges from the U.S. Securities and Exchange Commission (SEC) on Tuesday. Shares of the cryptocurrency exchange fell 12% after the regulator alleged it was operating as an unregistered exchange and broker.
Ark Invest's Cathie Wood added Coinbase to multiple exchange-traded funds amid the sell-off. Wood added nearly 330,000 shares to her flagship Ark Innovation ETF (ARKK 0.00%), roughly 54,000 shares to the Ark Next Generation Internet ETF (ARKW 0.00%) and about 35,700 shares to Ark Fintech Innovation ETF (ARKF 0.00%) -- all these purchases combined are more than $21.6 million.
On the analyst front, JPMorgan Chase's Doug Anmuth raised the firm's price target on Netflix (NFLX 0.00%) on Wednesday, believing that the streaming giant's password sharing policy could increase revenue growth.
Bank of America analyst Vivek Arya reiterated the firm's Buy rating on Broadcom (AVGO 0.00%) on Wednesday following a keynote address from CEO Hock Tan. Arya says Broadcom continues to be a "best-in-class" buying opportunity as AI helps boost the company's earnings.
"Management presented a compelling and unique vision of focus on premium compute/networking products, laserfocus on operational efficiency, consistent GM expansion, and best-in-class FCF generation/return (FCF margins of 50%+ the highest in semiconductor industry," Arya wrote in a Wednesday note.
In single-stock news, Stitch Fix (SFIX 0.00%) rose nearly 28% on Wednesday after reporting a smaller-than-expected loss in its recent earnings report. The company also said it is exploring exiting the U.K. market in the 2024 fiscal year. Dave & Buster's (PLAY 0.00%) shares popped 18% after the company posted better-than-expected revenues in the first quarter.
Affirm (AFRM 0.00%) shares rose after the buy now, pay later company was added as a checkout option on Amazon (AMZN 0.00%). The company allows shoppers to buy products in installment loans.
Looking ahead, markets will remain cautious ahead of May's Consumer Price Index reading due out next Tuesday.
