Stocks ended Wednesday's session mixed as the S&P 500 gave back earlier gains and the Dow underperforming. However, big tech names gave some broader market support, leading the tech-heavy Nasdaq to close in the green.
Here's how the market settled on Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Southwest CEO to step down in 2022:
Southwest
Kelly will be succeeded by Southwest's current executive vice president of corporate services, Robert Jordan, beginning February 1, 2022.
"Gary has been an outstanding CEO for Southwest for nearly two decades and has developed an excellent group of Senior Leaders to shepherd the airline into its next 50 years," William Cunningham, Southwest lead director of the board, said in a statement. "We are thrilled he is willing to continue to serve as the Board's Executive Chairman, subject to the annual elections process. Bob inherits a solid strategy and great momentum to continue the airline's recovery as the COVID pandemic wanes."
New home sales fall for second straight month in May:
New home sales fell for a second straight month in May, according to the Commerce Department on Wednesday, with tight inventory levels and rising prices continuing to weigh on purchasing activity.
New home sales declined 5.9% in May over April, compared to a rise of 0.2% expected. This followed a downwardly revised monthly drop of 7.8% in April. May's new reading brought new home sales down to a seasonally adjusted annualized rate of 769,000.
U.S. manufacturing sector activity reaches record high, while service sector activity slips from all-time high in June:
U.S. manufacturing sector and services sector activity in the U.S. split in June, according to IHS Markit's preliminary June purchasing managers' index report on Wednesday.
The manufacturing sector PMI rose to a record high of 62.6, up from 62.1 in May and beat consensus estimates for 61.5. The services sector PMI, however, fell more-than-expected to 64.8 from 70.4 in May, which was an all-time high. Reading above the neutral level of 50.0 indicate expansion in a sector.
"Although price gaugue have also slipped from May's all-time highs, it's clear that the economy continues to run very hot," Chris Williamson, chief business economist at IHS Markit said in a press release. "Prices charged for good and services are still rising very sharply, record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers' warehouse stocks are being depleted at a worryinging rate as firm struggle to meet demand."
