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U.S. markets close flat; S&P 500 on pace for worst first half of year since 1970

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U.S. markets close flat; S&P 500 on pace for worst first half of year since 1970
U.S. markets fell flat Wednesday as the S&P 500 is on pace for its worst first half of the year since 1970. File Photo by John Angelillo/UPI | License Photo

June 29 (UPI) -- U.S. markets traded flat Wednesday as the S&P 500 is on pace for its worst first half of the year in more than 50 years.

The Dow Jones Industrial Average closed the day up 82.32 points, or 0.27%, while the S&P 500 dropped 0.071% and the Nasdaq Composite declined 0.033%.

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The S&P 500 is down about 20% in the first half, for its worst year since 1970 when the index lost 21.01% in the first half of the year.

The Dow and S&P are both on pace for their worst quarters since 2020, while the Nasdaq has posted its worst quarter since 2008.

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Travel stocks were among the worst performers Wednesday as shares of Carnival fell 14.22% after Morgan Stanley cut its price target on the stock in half, while Royal Caribbean dropped 10.26% and Norwegian Cruise Line slid 9.33%.

Bed Bath & Beyond stock also fell more than 23.58% after posting a quarterly earnings miss and announcing its CEO would step down.

Conversely, shares of General Mills rose 6.3% after beating earnings expectations and Goldman Sachs stock rose 1.27% after Bank of America upgraded it to a buy.

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Major tech stocks rose Wednesday with Facebook parent, Meta, gaining 2.03%, while Microsoft climbed 1.47%, Amazon rose 1.42% and Apple increased 1.3%.

However, tech stocks have been on the decline this year as investors anticipate the Federal Reserve will implement another 75-basis point rate hike, with the tech-heavy Nasdaq Composite still firmly in bear market territory down 28.5% from its recent record high.

"Inflation fears remain and the Fed is gonna have to step in more aggressively and drive up interest rates further, and that's very, very bad for tech stocks," Opimas CEO Octavio Marenzi told Yahoo Finance.

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