S&P 500 notches first gain of the second quarter

The S&P 500 notched its first gain of the week, recovering from a back-to-back decline, as traders took in new data that indicated a softening US economy.

The benchmark index closed 0.1 per cent higher on Wednesday afternoon in New York as just over half of its constituent stocks rose.

Paramount Global was the S&P 500’s best performer, soaring 15 per cent on news reports Skydance Media had reached a deal to acquire the entertainment group.

The tech-heavy Nasdaq Composite added 0.2 per cent, with five of the Magnificent Seven tech stocks gaining. The small-cap focused Russell 2000 rose 0.5 per cent.

Treasuries rallied, with the yield on the two-year note down 0.03 percentage points to 4.67 per cent.