Why did the Dow and S&P 500 fall after hitting record highs on Wednesday?

Despite reaching new all-time records during the day, both the Dow and S&P 500 ended Wednesday's session in the red, shedding approximately 0.3% and 0.9% respectively.

How did Alphabet's market cap surpass Apple's?

Alphabet, Google's parent company, experienced a 2.4% jump in its stock price, which led its market capitalization to exceed Apple's for the first time since 2019.

What caused crude oil prices to drop on Wednesday?

Crude oil prices fell after President Donald Trump announced that Venezuela would provide up to 50 million barrels of oil to the U.S., raising concerns about increased supply.

Home / Business and Economy / Dow, S&P 500 Slip After Record Highs; Nasdaq Edges Up

Dow, S&P 500 Slip After Record Highs; Nasdaq Edges Up

8 Jan

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Summary

Dow and S&P 500 declined after reaching new record highs.
Google's market cap briefly surpassed Apple's for the first time since 2019.
Venezuela to ship oil to the U.S., impacting crude prices.

Dow, S&P 500 Slip After Record Highs; Nasdaq Edges Up

The Dow Industrials and S&P 500 experienced a downturn on Wednesday, concluding the regular session in negative territory even after touching unprecedented record levels earlier in the day. The tech-focused Nasdaq Composite, however, managed a slight increase, primarily driven by a notable surge in Alphabet, the parent company of Google. This rally allowed Google's market capitalization to surpass that of Apple for the first time in several years.

Simultaneously, crude oil prices experienced a decline following President Donald Trump's announcement that interim authorities in Venezuela would release up to 50 million barrels of oil to the United States. This development raised concerns about a potential increase in global oil supply. In response, shares of major U.S. oil refining companies, Valero Energy and Marathon Petroleum, saw gains.