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Investors sent the NASDAQ Composite lower on Wednesday as they waited for Nvidia’s quarterly earnings announcement.
The Dow Jones Industrials slipped 113.46 points to commence Wednesday at 41,137.04
The S&P 500 skidded 29.76 points to 5,596.04
The tech-heavy NASDAQ faded 187.24 points, or 1.1%, to 17,567.58.
Wall Street is keeping an eye on Nvidia to gauge the sustainability of the broader tech and AI trade. The semiconductor giant — slated to report after the close — has surged 159% in 2024, raising questions of how much more room there is for the stock to run. On Wednesday, it fell 2%.
Nordstrom advanced 5% after the retailer posted adjusted earnings in the second quarter that surpassed expectations. Semiconductor developer Ambarella jumped nearly 11% on upbeat revenue guidance in the third quarter. PVH, owner of Calvin Klein, slumped more than 6% on a disappointing outlook for the current quarter.
Elsewhere, a regulatory filing showed that Warren Buffett’s Berkshire Hathaway sold shares of Bank of America once again. The conglomerate dumped more than 24 million shares for $981.9 million in earlier sessions.
Prices for the 10-year Treasury inched higher, lowering yields to 3.83% from Tuesday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices sank 64 cents at $74.89 U.S. a barrel.
Gold prices dropped $8.90 to $2,544.00.
