On Wednesday, US stock markets experienced a varied performance, with the S&P 500’s remarkable streak momentarily pausing while certain tech giants witnessed stock declines. Here’s a breakdown of the day’s activity:
| Index | Change |
|---|---|
| S&P 500 (^GSPC) | Down about 0.2% |
| Dow Jones Industrial Average (^DJI) | Up 0.1% |
| Nasdaq Composite (^IXIC) | Fell more than 0.5% |
The S&P 500, reflecting a broad market sentiment, declined by approximately 0.2%, in contrast to a slight 0.1% rise observed in the Dow Jones Industrial Average. Notably, the Nasdaq Composite, known for its heavy concentration of tech stocks, led the losses with a decline of over 0.5%, following a rally fueled by the tech sector on Tuesday.
| News Headlines | Market Impact |
|---|---|
| Dollar Tree announces closure of nearly 1,000 stores | Dollar Tree shares experience a significant drop |
| Pentagon cancels $2.5 billion chip grant plan for Intel | Intel shares decline by 4.4% |
| Indexes: Dow up 0.1%, S&P 500 down 0.2%, Nasdaq down 0.5% | – Dow Jones Industrial Average rises by 0.1% <br> – S&P 500 dips by 0.2% <br> – Nasdaq Composite declines by 0.5% |
| Semiconductor index eases 2.5% after recent gains | Chipmaker stocks witness profit-taking |
| Nvidia shares fall 1.1% ahead of GTC developer conference | Investors await announcements at Nvidia’s GTC conference |
| Intel shares fall amid Pentagon’s withdrawal from chip grant plan | Market reacts to Pentagon’s decision impacting Intel |
| February US producer price data expected Thursday | Market awaits insights into inflation trends |
Tech Sector Performance:
The retreat in the tech sector was notable, with some key players experiencing notable drops in their stock prices:
- Nvidia (NVDA): Witnessed a decline of over 1%.
- Tesla (TSLA): Tumbled over 4.5% post a Wells Fargo downgrade and sales warning.
Market Sentiment and Future Outlook:
Despite Tuesday’s gains where the S&P 500 reached a new high, fueled by ongoing optimism regarding potential interest rate cuts by the Federal Reserve, concerns loom amidst February’s higher-than-expected core consumer inflation figures. The impending Fed policy meeting is awaited with caution, as policymakers may approach adjustments to borrowing costs carefully.
However, optimism persists as the US economy continues to outperform Wall Street’s forecasts. Investors eagerly anticipate Thursday’s release of wholesale inflation and retail sales data for further insights.
Cryptocurrency and Corporate Updates:
In the cryptocurrency space, bitcoin sustained its remarkable rally, trading above $73,000 and setting new records.
On the corporate front, DollarTree (DLTR) witnessed a significant setback, with its shares plummeting around 14% following the company’s quarterly loss announcement. DollarTree disclosed plans to close nearly 1,000 stores, leading to a charge of over $1 billion
- Stock market today: Nvidia, Tesla drag tech stocks lower as S&P 500 pulls back from record Yahoo Finance
- Wall St. ends mostly lower as chipmakers ease Yahoo Finance
- Wall Street ends mostly lower as chipmakers ease; inflation data ahead Reuters
- Dow ekes out gain, S&P 500 slips following its 17th record high this year MarketWatch