NEW YORK (AP) — U.S. stock indexes edged lower Wednesday after drops for Eli Lilly and chip companies overshadowed a jump for Google’s parent company .
The S&P 500 slipped 0.3% after drifting between small gains and losses several times, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average edged down by 91 points, or 0.
2%, while the Nasdaq composite slipped 0.6% from its own record set the day before . Alphabet climbed 2.
8% after beating analysts’ forecasts for profit in the latest quarter, thanks largely to the performance of its Google business. It’s the latest of the highly influential group of stocks known as the “Magnificent Seven” to top high expectations for growth. They’ll need to, because critics say their prices have climbed too quickly, even if artificial-intelligence technology is creating a new boom.
Computer chip companies have been some of the biggest winners of the AI rush, but Advanced Micro Devices helped drag down stocks across the industry after reporting profit for the latest quarter that only matched analysts’ expectations. It also gave a forecasted range for revenue for the end of 2024 whose midpoint was a bit below what analysts were estimating. AMD’s stock sank 10.
6%. Nvidia, a chip giant that’s rocketed to become one of Wall Street’s largest most influential stocks, fell 1.4% and was one of the heaviest weights on the S&P 500.
One of the few stocks to hurt the index nearly as much w.