Overview
- After setting intraday highs, the S&P 500 fell 0.3% and the Dow lost 0.9% as the Nasdaq rose 0.2%, marking the S&P 500’s first decline of 2026.
- Crude prices extended losses, with WTI near $56, following President Trump’s statement that Venezuela will send 30–50 million barrels to the U.S. and Energy Secretary Chris Wright’s pledge to control Venezuelan sales indefinitely.
- AI-linked leaders helped steady tech even as recent high-flyers in memory and storage reversed sharp prior gains, reflecting heightened volatility across semiconductor supply-chain names.
- U.S. data painted a mixed picture, with ISM services rising to 54.4 while job openings fell to 7.146 million and ADP showed softer hiring, nudging Treasury yields lower without materially shifting rate-cut expectations.
- Indian benchmarks declined for a third session on tariff worries and foreign outflows, and Asian markets were mixed as investors positioned for Friday’s payrolls report and the Supreme Court decision on presidential tariff powers.