Stocks on Wall Street closed lower Wednesday, as a pullback in big technology companies outweighed gains elsewhere in the market. The S&P 500 fell 0.6%, weighed down by drops in Nvidia, Apple, Microsoft and Amazon.
About 56% of the stocks in the benchmark index finished in the red. Tech sector stocks, which include many companies with outsized values that tend to lean more heavily on the index. The Dow Jones Industrial Average, which was coming off two consecutive all-time highs, fell 0.
4%. The Nasdaq composite, which is heavily weighted with technology stocks, closed 1.1% lower.
The selling came ahead of an eagerly anticipated earnings report from the semiconductor company Nvidia, whose chips power AI applications. The company is one of the most influential stocks on Wall Street, with a total market value topping $3 trillion. Nvidia is one of several companies that have ridden a wave of enthusiasm over artificial intelligence developments and have been responsible for much of the broader market’s big gains over the last year.
Nvidia fell 2.1%, though it is up 153% for the year. Investors also had a mixed batch of earnings and corporate financial updates from other companies to review.
Nordstrom rose 4.2% after beating analysts’ earnings expectations and raising its financial forecasts for the year. Rival Kohl’s rose 0.
3% after also beating analysts’ earnings expectations. PVH, which owns the Calvin Klein and Tommy Hilfiger brands, fell 6.4% after giving investors a r.