The S&P 500 closed lower on Wednesday, driven by a decline in tech stocks, particularly Nvidia, ahead of the chipmaker's quarterly earnings report. Nvidia's shares fell 2% as investors showed caution before the results, despite the company's significant 160% share increase in 2024 due to its leading position in AI chip production. The broader semiconductor sector also faced pressure, with Super Micro Computer Inc. dropping 19% after delaying its annual results following concerns raised by a short-seller.
In the retail sector, PVH, Bath & Body Works, and Abercrombie & Fitch saw declines due to disappointing earnings and cautious forecasts, while Kohl's reported better-than-expected profits. Chewy, however, bucked the trend, rising 11% after strong earnings.
Cryptocurrency-related stocks, including Coinbase and Riot Platforms, also fell as Bitcoin dropped below $60,000.
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