Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York, Wednesday. AFP-Yonhap
The S&P 500 and the Nasdaq were muted on Wednesday in choppy trading, as investors took a pause from the AI-led market rally, while remaining cautious on progress in Middle East talks.
Banking stocks were down after a slide of almost 2.9 percent for JPMorgan Chase after CEO Jamie Dimon warned that expenses this year could be $1 billion higher than estimated.
The White House denied reports from Iran's state TV that Tehran would restore Strait of Hormuz shipping within a month in exchange for a U.S. military pullback and lifting of a naval blockade.
Still, indexes traded near record highs. The Dow Jones nudged higher, lifted by a rotation into healthcare and consumer stocks. However, a pullback in chip stocks weighed on the tech-heavy Nasdaq.
