Leading Stock Movers Today: Super Micro Computer, JM Smucker, Nvidia, and Others
Midday trading saw declines in the Dow, S&P 500, and Nasdaq, with technology stocks bearing the brunt ahead of Nvidia's AI chip earnings announcement.
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Highlights
- At midday Wednesday, the Dow, S&P 500, and Nasdaq indexes declined, led by losses in the technology sector ahead of Nvidia's AI chip earnings release.
- Super Micro Computer's shares dropped sharply following the company's announcement of a delay in filing its annual 10-K report.
- Shares of J.M. Smucker fell after the company reported sales below expectations and lowered its forecast, citing inflation-driven reductions in consumer discretionary spending.
The Dow, S&P 500, and Nasdaq experienced midday declines on Wednesday, with technology stocks leading the downturn ahead of Nvidia's earnings report focused on artificial intelligence chips.
Shares of Nvidia, along with other major tech giants such as Microsoft, Apple, Alphabet, Meta Platforms, and Amazon, retreated during trading.
Super Micro Computer's stock plummeted after the company disclosed a postponement of its annual 10-K filing with the SEC, following a report by Hindenburg Research alleging accounting irregularities and revealing a short position.
J.M. Smucker's shares also declined after missing sales projections and reducing its outlook, attributing the impact to inflation causing consumers to limit discretionary purchases.
Abercrombie & Fitch shares fell after CEO Fran Horowitz highlighted growing uncertainties in the market environment.
Kohl's shares surged following better-than-expected profits and an upward revision of guidance, supported by effective cost and inventory management.
Chewy's stock soared as the online pet retailer reported profits exceeding forecasts and record active customer sales.
Futures for oil and gold declined, while the 10-year Treasury yield remained steady. The U.S. dollar strengthened against the euro, pound, and yen, and most major cryptocurrencies experienced losses.
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