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Stocks pulled back Wednesday, pressured by declines in Nvidia, as investors braced for the chipmaker’s latest earnings report.
The Dow Jones Industrials slipped 159.08 points to close business Wednesday at 41,091.42
The S&P 500 declined 33.6 points to 5,592.20.
The tech-heavy NASDAQ faded 189.79 points, or 1.1%, to 17,556.03.
Wall Street is keeping an eye on Nvidia to gauge the sustainability of the broader tech and artificial intelligence trade. The semiconductor giant — slated to report after the close — has surged more than 150% in 2024, raising questions of how much more room there is for the stock to run. On Wednesday, it fell nearly 2%.
Other technology stocks were also trading lower on Wednesday, including “Magnificent Seven” peers Amazon, Google and Microsoft.
Elsewhere, a regulatory filing showed that Warren Buffett’s Berkshire Hathaway sold shares of Bank of America once again. The conglomerate dumped more than 24 million shares for $981.9 million in earlier sessions.
Prices for the 10-year Treasury inched lower, raising yields back Tuesday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices sank 77 cents at $74.76 U.S. a barrel.
Gold prices dropped $10.90 to $2,544.00.
