Traders work on the New York Stock Exchange trading floor.
New York Stock Exchange
this S&P 500 Index Nvidia shares fell on Wednesday, pulling back from a record set in the previous session, as Nvidia cooled off a red-hot rally.
The broader market index fell 0.19% to close at 5,165.31 points, while Nasdaq Index It fell 0.54% to 16,177.77.this Dow Jones Industrial Average It rose 37.83 points, or 0.1%, to close at 39,043.32 points.
Nvidia Shares fell 1.1%.shares meta platform fell 0.8%, and apple It fell about 1.2%.this VanEck Semiconductor ETF (SMH) It fell about 2%, its third decline in four trading days. The information technology sector fell about 1.1%.
Adam Crisafulli, founder and president of Vital Knowledge, wrote: “Investors took profits in tech stocks after a strong performance[Tuesday]but AI/data center sentiment is as positive as ever and expectations remain high for the Nvidia GTC conference .”Wednesday.
Wall Street stocks rallied after U.S. February inflation data were largely in line with expectations, with the S&P 500 and Nasdaq rising more than 1% on Tuesday. Core inflation, which excludes food and energy from the headline data, rose more than expected last month.
“I think it was a relief to see the (headline) CPI data yesterday, but people are still cautious about the underlying data,” said Ayako Yoshioka, senior portfolio manager at Wealth Improvement Group. “In the short term, the macro narrative around the Fed will Be front and center.”
Yoshioka pointed out that Wall Street will be highly vigilant about how the Fed implements monetary policy at its next meeting starting on March 19, and she expects Fed Chairman Powell to reiterate a data-dependent outlook and a more neutral tone.
“When you look below the surface, you see things are a little trickier than people think,” Yoshioka said, noting that the latest Consumer Price Index (CPI) report mentioned increases in service costs.
elsewhere, dollar tree Shares of the discount retailer fell 14% after the company reported fourth-quarter results. Investors will get more inflation data on Thursday in the form of February’s producer price index.
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