The Dow Jones Industrial Average finished the session essentially flat, with tech and financial stocks helping give the index a 0.03% boost. Other indexes fared slightly better, with the Nasdaq up about 0.4% and the S&P 500 up around 0.2%.
Financials were the day's best-performing sector, rising more than 1% amid a surge in regional bank stocks that pushed the KBW Regional Banking Index (KRX) up by more than 6%. Dow financial components rode the wave, with American Express (AXP) moving higher by 2.7%, Goldman Sachs (GS) up by 1.6% and Visa (V) up 0.6%.
Shares of Intel (INTC) jumped 4% after it said it would sell about $1.5 billion in shares of Mobileye (MBLY), the self-driving car company it spun off last year. Intel will retain an 88% stake in the company that it bought for $15.3 billion in 2018. Mobileye shares have gained almost 30% this year as investors have pumped money into AI companies of all sorts, but its shares dropped about 1% on the news.
Merck & Co. (MRK) was the Dow's worst-performing stock, with shares falling nearly 2% after the company sued the federal government over a rule, included in the Inflation Reduction Act, that allows Medicare to negotiate drug prices with manufacturers. UnitedHealth Group (UNH) followed its healthcare peer lower, falling 2.1%.
Consumer staples stocks lost ground, with McDonald's (MCD) and Procter & Gamble (PG) moving about 1.3% and 1% lower, respectively. Coca-Cola (KO) fell 0.7%.
Shares of Microsoft (MSFT) fell 0.5% after it settled a $20 million Federal Trade Commission charge that the software maker improperly collected children’s information through its Xbox gaming system.
Boeing (BA) plunged midday after the company warned a defect would delay near-term deliveries of its 787 Dreamliner, potentially slowing 90 deliveries. The stock ended the day down 0.7%.