Key Takeaways
- The Dow, S&P 500, and Nasdaq fell at midday Wednesday, with the tech sector leading losses ahead of earnings from artificial intelligence chipmaker Nvidia after the bell.
- Super Micro Computer shares tumbled after the company said it would delay its annual 10-K filing.
- J.M. Smucker shares also lost ground after the maker of jams, peanut butter, coffee, and other foods reported sales that missed forecasts.
The Dow, S&P 500, and Nasdaq fell at midday Wednesday, with the tech sector leading losses ahead of earnings from artificial intelligence (AI) chipmaker Nvidia (NVDA) after the bell.
Shares of Nvida lost ground, along with other “Magnificent Seven” stocks including Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL), Meta Platforms (META), and Amazon (AMZN).
Super Micro Computer (SMCI) shares tumbled after the company said it would delay its annual 10-K filing with the Securities and Exchange Commission. The news came a day after Hindenburg Research published a report accusing the company of accounting anomalies and disclosed a short position.
J.M. Smucker (SJM) shares also slumped after the maker of jams, peanut butter, coffee, and other foods reported sales that missed forecasts and it slashed its outlook, saying inflation has caused consumers to cut back on discretionary spending.
Shares of Abercrombie & Fitch (ANF) sank after CEO Fran Horowitz warned about an “increasingly uncertain environment.”
Shares of Kohl’s (KSS) jumped after the retailer beat profit estimates and raised its guidance as it cut costs and inventories.
Chewy (CHWY) shares skyrocketed as the online pet supplies retailer’s profit came in above forecasts as it posted record active customer sales.
Oil and gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar advanced on the euro, pound, and yen. Prices for most major cryptocurrencies lost ground.
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