Wall Street on Cautious Mood Ahead of Big Tech Results
U.S. stocks closed lower on Wednesday as investors processed another round of corporate earnings and awaited results from Big Tech amid signs of a cooling economy.
The S&P 500 and Nasdaq 100 slipped 0.3% and 0.6%, respectively, while the Dow lost 91 points. Chipmakers faced pressure, with Nvidia down 0.9%, AMD dropping 10.6% on weak guidance, and Super Micro Computer tumbling 32.7%—its worst day in over six years—after its auditor’s sudden resignation.
Meanwhile, Alphabet boosted sentiment with strong cloud growth, fueling optimism ahead of results from Meta, Microsoft, Apple, and Amazon. Economic data revealed GDP growth slowed to an annualized 2.8% in Q3, slightly below estimates, while a strong labor market dampened hopes for Fed rate cuts, leaving investors wary as more key earnings reports approach.
Source : Trading Economics