• US stocks were mixed on Wednesday as positive retail earnings faced off against renewed trade concerns.
  • The S&P 500 edged higher to a new intraday record a day after closing at an all-time high on Tuesday.
  • Better-than-expected earnings from Target and Lowe’s propped up the benchmark index.
  • Investors also weighed signs of mild stimulus progress. House Speaker Nancy Pelosi suggested on Tuesday that Democrats may nix some facets of their proposal to expedite a relief package and reconsider passing those elements after November’s elections.
  • Oil slightly declined as new virus outbreaks abroad stoked demand worries. West Texas Intermediate crude slipped as much as 1.1%, to $42.37 per barrel.
  • Watch major indexes update live here.

US equities traded mixed on Wednesday as optimism toward strong earnings butted heads with renewed trade tensions.

The S&P 500 edged higher to a new intraday record a day after closing at an all-time high on Tuesday. In a reversal from recent trends, the Nasdaq composite lagged its peers as tech shares underperformed cyclical plays.

Retail stocks were boosted by strong earnings from Target and Lowe’s. The former leaped after beating Wall Street estimates and reporting record same-store sales growth. Lowe’s similarly gained after growing interest in do-it-yourself projects drove 30% revenue growth.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:

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Investors also mulled new signs of progress in reaching a second stimulus deal. House Speaker Nancy Pelosi suggested on Tuesday that Democrats may cut down its fiscal relief proposal to speed up negotiations. Additional measures removed from the smaller bill would be reassessed after November's elections, she added

Republican leaders also hinted at a resumption of talks. Senate Majority Leader Mitch McConnell said Pelosi's decision to strike $25 billion in post office funding was enough to restart negotiations. The Senate remains in recess until September but could reconvene should lawmakers reach a compromise.

Hopes for an expedited deal were somewhat offset by fears of schools and colleges starting new terms as virus cases remain elevated. Multiple universities have already pivoted to fully online classes after on-campus coronavirus outbreaks. Experts worry some schools' lax enforcement of social distancing measures could fuel a new wave of virus hotspots throughout the US.

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Wednesday's session comes after the S&P 500 closed just above its last all-time high on Tuesday. The new record follows the index's multiple attempts in recent weeks to retrace its virus-driven losses.

In deal news, Momenta Pharmaceuticals soared higher after the biotech company agreed to a $6.5 billion acquisition from Johnson & Johnson. The deal values Momenta shares at a 70% premium and is expected to close in the second half of 2020, according to a press release.

Oil declined as global virus cases increased and stoked concerns of lasting demand weakness. West Texas Intermediate crude fell as much as 1.1%, to $42.37 per barrel. Brent crude, oil's international benchmark, slid 1.3% to $44.88, at intraday lows.

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