S&P 500, Nasdaq close lower as traders cash in on latest megacap rally

The S&P 500 and Nasdaq ended the day lower on Wednesday as investors booked profits after a long megacap stocks run and ahead of key economic events. The Russell 2000 climbed 1.78%. The US inflation data for May is expected to show consumer prices eased, although core prices remain high. The Bank of Canada’s decision to raise interest rates pushed up the 2-year and 10-year Treasury yields. The CBOE Volatility Index closed at its lowest since 14 Feb 2020. Wells Fargo raised Netflix’s price target, with shares climbing 0.12% on the news. Yext soared 38.44% and Campbell Soup fell 8.91%.