🚨Stock Market Today: S&P 500 closes lower as chip stocks lead tech wobble 🔻
The S&P 500 closed lower on Wednesday, driven by a decline in tech stocks, particularly Nvidia, ahead of the chipmaker's quarterly earnings report. Nvidia's shares fell 2% as investors showed caution before the results, despite the company's significant 160% share increase in 2024 due to its leading position in AI chip production. The broader semiconductor sector also faced pressure, with Super Micro Computer Inc. dropping 19% after delaying its annual results following concerns raised by a short-seller.
In the retail sector, PVH, Bath & Body Works, and Abercrombie & Fitch saw declines due to disappointing earnings and cautious forecasts, while Kohl's reported better-than-expected profits. Chewy, however, bucked the trend, rising 11% after strong earnings.
Cryptocurrency-related stocks, including Coinbase and Riot Platforms, also fell as Bitcoin dropped below $60,000.
#KVB# #FlashNews# #BrokerNews# #cryptocurrency# #Coinbase# #SPX500Fall# #StockMarket# #StockExchange# #traderselection# #NewTraders#
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.