3 days Ago
Wall Street's main indexes looked set for a muted open on Wednesday as megacaps dipped and a momentum in chip stocks fizzled out, with investors awaiting a crucial inflation report this week. AI chip leader Nvidia slipped 0.7%, back in losses after a selloff that wiped out $430 billion in market value and weighed on the broader technology sector.
Other chip stocks including Broadcom, Qualcomm and Arm Holdings also pared strong early gains. Micron Technology rose 2.3% ahead of its quarterly results due after the closing bell.
"The market is trying to figure out in real time whether it needs to focus on the biggest three stocks - Nvidia, Apple and Microsoft - or is it time for the other 497 stocks to take the baton," said Art Hogan, chief market strategist at B Riley Wealth. "That's been the debate in markets over the course of the last week or so, and that debate continues today. But I don't think that question gets answered until we get into the second-quarter earnings season.
" Delivery giant FedEx jumped 14.8% after forecasting fiscal 2025 profit above estimates. Appliances manufacturer Whirlpool surged about 18% after Reuters reported German engineering group Robert Bosch is weighing a bid for the U.
S. appliances manufacturer. The tech-heavy Nasdaq, the S&P 500 information technology index and the Philadelphia SE Semiconductor index all notched gains of more than 1% on Tuesday, marking a rebound for those sectors that were instrumental in Wall Street's rise to fresh record .
