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U.S. stocks slipped in a late reversal Wednesday even as bond yields pulled back.

Treasury Secretary Janet Yellen, for the second time in two days, reiterated hints of higher taxes, including a 28% corporate tax rate, a move most CEOs oppose.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32420.06 -3.09 -0.01%
SP500 S&P 500 3889.14 -21.38 -0.55%
I:COMP NASDAQ COMPOSITE INDEX 12961.890099 -265.81 -2.01%

The Dow Jones Industrial Average gave up gains or more than 300 points to end little changed. While the Nasdaq Composite fell over 2% and the S&P 500 0.55%.

Ticker Security Last Change Change %
XLY CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF 163.28 -2.44 -1.47%
XLE ENERGY SELECT SECTOR SPDR ETF 49.12 +1.32 +2.76%

Consumer discretionary stocks were the biggest drag on the broader market, while energy stocks rose shaking off early weakness after a cargo ship temporarily blocked the Suez Canal threatening to disrupt global oil supplies.

West Texas Intermediate crude rose nearly 6% or $3.42 to $61.81 per barrel.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 41.45 +2.08 +5.28%

In economic news, Federal Reserve Chairman Jerome Powell reiterated the U.S. economy is on the path to recovery backing up the central bank’s recent forecasts in which GDP is now projected to rise 6.5%.

Treasury yields pulled back to 1.613% after the February durable goods report which showed shipments of big-ticket items excluding transportation fell 0.9% month over month, missing the 0.6% gain that economists surveyed by Refinitiv were anticipating. The disappointing data, which snapped a nine-month streak of increases, may have been impacted by winter storms that swept across the country last month.

Ticker Security Last Change Change %
INTC INTEL CORP. 62.04 -1.44 -2.27%

Looking at stocks, Dow component Intel Corp. said it will build two new chip manufacturing facilities in Arizona as it renews efforts to produce chips for others amid a global shortage. The company’s plan also includes outsourcing the production of key components to other manufacturers. Shares gave up gains to close lower.

Ticker Security Last Change Change %
GME GAMESTOP 120.33 -60.78 -33.56%

INVESTORS PUNISH GAMESTOP SHARES…AGAIN

Meanwhile, GameStop Corp. got hammered down over 33% after it reported net sales declined 3.3% from a year ago despite a 175% increase in e-commerce revenue. The videogame retailer, which declined to discuss its digital transformation, is considering selling new shares to help fund the shift.

Ticker Security Last Change Change %
VIAC VIACOMCBS B 70.10 -21.15 -23.18%

Elsewhere, ViacomCBS Inc. priced a $3 billion offering of 20 million shares of Class B common stock at $85 apiece. The stock plunged more than 9% on Tuesday on news of the offering and lost another 22.8% during Wednesday’s session.

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Ticker Security Last Change Change %
TSLA TESLA, INC. 630.27 -31.89 -4.82%

Tesla CEO Elon Musk said U.S. customers can now purchase his company’s vehicles with bitcoin. The electric-car maker will continue to hold the cryptocurrency and not convert it into U.S. dollars or other fiat currency.