LIVE MARKETS-S&P 500, Dow snap winning streaks while FANGs rescue Nasdaq

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

S&P 500, DOW SNAP WINNING STREAKS WHILE FANGS RESCUE NASDAQ

U.S. stocks finished mixed on Wednesday as investor favor pivoted back to artificial intelligence-related stocks while steep losses in recent winners, including utilities .SPLRCU, materials .SPLRCM, industrials .SPLRCI and banks .SPXBK pulled the Dow sharply lower, backing away from its recent record high.

The S&P 500 joined the Dow in the red, with both indexes snapping their three-session winning streaks, while the tech-heavy Nasdaq was held aloft by tech and tech-adjacent megacaps .NYFANG.

The Dow Jones Industrial Average .DJI fell 466 points, or 0.94%, to 48,996.08, the S&P 500 .SPX lost 23.89 points, or 0.34%, to 6,920.93 and the Nasdaq Composite .IXIC gained 37.10 points, or 0.16%, to 23,584.28.

U.S. President Trump's announcement that he would ban institutional investors from buying single-family homes in an effort to contain housing prices was not particularly well-received by housing stocks. The S&P 1500 Homebuilding index .SPCOMHOME and the Philadelphia SE Housing index .HGX both ended the session down 2.6%.

A spate of mixed economic data offered both positives and negatives to accentuate, with JOLTS and ADP suggesting the labor market, while not exactly robust, isn't in retreat either. ISM's upbeat services PMI made up for that lack of robustness, while the larger-than-expected drop in factory orders did the opposite.

On Thursday, Challenger, Gray & Christmas' layoffs report and the Labor Department's Q3 labor costs and weekly jobless claims will be viewed as prologue to Friday's much-anticipated December employment report, which analysts expect will show a lackluster 60,000 job adds, along with a downtick in the unemployment rate.

A look at October's international trade balance, housing starts/building permits and consumer sentiment rounds out the economic roster for the week.

Here's your closing snapshot:

(Stephen Culp)

*****

EARLIER ON LIVE MARKETS:

THE ROBOTS ARE COMING! OR ARE THEY? CLICK HERE

BOFA CLIENTS TOOK A LIKING TO SMALL CAPS IN 2025 CLICK HERE

DATA SMORGASBORD: JOLTS, ADP, SERVICES PMI, FACTORY ORDERS, MORTGAGE DEMAND CLICK HERE

US STOCKS PUSH PAUSE, BUT MILESTONES BECKON CLICK HERE

DOW INDUSTRIALS HAS 50K IN ITS SIGHTS CLICK HERE

UK HOUSEBUILDERS AT A TIPPING POINT CLICK HERE

AMUNDI CALLS FOR DIVERSIFICATION AS AI INVESTMENT CYCLE BROADENS CLICK HERE

EUROPE'S AUTO SECTOR REMAINS BLEAK, BUT IS IT PRICED IN? CLICK HERE

ANOTHER MIXED START CLICK HERE

EUROPE BEFORE THE BELL: FUTURES MOSTLY HIGHER CLICK HERE

THE SPOILS OF OIL CLICK HERE