U.S. stocks traded marginally lower on Wednesday, retreating from all-time highs set during the previous session as investors searched for catalysts that could breathe new life into the rally.
Some analysts suggested a mild pullback is a function of days of solid gains that propelled stocks to record levels.
The S&P 500 SPX, -0.02% was off by 4 points, or 0.1%, to 2,492, with seven of the 11 main sectors trading lower.
“The U.S. stock market is exhibiting positive short- and long-term momentum, and breadth has expanded enough to lift the S&P 500 to a new all-time high,” said Katie Stockton, chief technical strategist at BTIG Research.
“Short-term overbought conditions have returned for the S&P 500, but they tend to be managed well when associated with a breakouts, which are abundant,” Stockton said.
The Dow Jones Industrial Average DJIA, +0.01% was dipping in and out of negative territory and recently traded a touch lower at 22,116.
The Nasdaq Composite Index COMP, -0.06% was off by 15 points, or 0.2%, to 6,439.
All three benchmarks closed at records on Tuesday, marking the first time since July 26 that they have simultaneously achieved all-time highs.
The greenback, which posted solid gains on Monday and Tuesday, declined on Wednesday, with the ICE Dollar Index DXY, +0.41% down 0.1% at 91.793.
Economic news: The producer-price index increased 0.2% in August, mostly thanks to higher gas prices. Core PPI also rose 0.2%, though the 12-month change remains unchanged at 1.9%. The closely watched inflation report is due on Thursday.
Stock movers: Shares of Apple Inc. AAPL, -1.50% slipped 0.8%. The tech giant on Tuesday revealed its new lineup of gadgets, but the much anticipated new flagship iPhone X it won’t be delivered until November.
Western Digital Corp. WDC, -5.25% dropped 3.3% after losing out on a Toshiba Corp. 6502, +0.00% deal. Toshiba said it had picked a consortium led by Bain Capital, instead of Western Digital, to buy its chip business for more than $18 billion.
Other markets: Oil prices moved higher, with the U.S. crude benchmark CLV7, +0.79% rising 0.8% to $48.61 a barrel. The gain came after reports that the Organization of the Petroleum Exporting Countries is considering adding more non-cartel members to its output deal. In addition, the International Energy Agency said there are signs the oil market is tightening.
Gold prices GCZ7, -0.42% were also higher.