(CNBC) — U.S. stocks closed lower Wednesday after mixed data, with energy leading decliners and utilities leading.
“I’m definitely seeing a momentum shift and this market has seemed like a momentum-driven market these few months. If momentum does shift it feels like there’s not enough economic foundation and initiatives, what the Fed is going to do. … This is a pretty good challenge point for the market,” said Daniel Deming, managing director at KKM Financial.
The S&P 500 held less than 0.3 percent higher for the year so far. Energy traded about 1.5 percent lower as the greatest declining sector in early afternoon trade.