US Stocks Close Mixed on Wednesday
The S&P 500 closed 0.3% lower while the Nasdaq fell 1.6%, extending their pullback on Wednesday as persistent weakness in technology drove a broader risk off tone.
Selling intensified across semiconductors after AMD plunged 17.3% on a disappointing outlook, dragging the wider chip complex lower alongside sharp declines in Micron (-9.5%), Broadcom (-3.8%), Lam Research (-8.8%), and Applied Materials (-6.6%). Software stocks also remained under pressure as investors continued to reassess competitive and pricing risks tied to accelerating AI adoption.
Outside technology, defensive and value oriented sectors outperformed, with health care gaining support after Amgen surged 8.2% on stronger than expected earnings, helping lift the Dow by 0.6%. Meanwhile, softer macro signals offered little relief, as the ADP report showed private payroll growth slowed sharply to just 22K in January, reinforcing signs of cooling labor demand amid an ongoing rotation away from high growth technology stocks.
Source: Tradingeconomics.com
