Stock market today: Wall Street drifts as the wait begins for the Federal Reserve
Stocks are drifting as the wait begins to hear from the Federal Reserve on what it will do with interest rates
NEW YORK — U.S. stocks are drifting Tuesday as some of Wall Street’s mania around artificial-intelligence technology cools.
The S&P 500 was 0.2% lower in early trading. The Dow Jones Industrial Average was up 42 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% lower.
Nvidia, whose chips are powering much of the move into AI, fell 1.9% after unveiling new products at its developers’ conference. Analysts called them powerful and said they would keep Nvidia ahead of competitors, but its stock has already shot up more than 240% over the last year.
Super Micro Computer, whose stock went from less than $100 to more than $1,000 in a year, sank 9.2%. The seller of server and storage systems used in AI and other computing, said it’s looking to sell 2 million more shares of its stock.
Shares of Unilever that trade in the United States rose 2.6% after it said it was spinning off Ben & Jerry’s and other ice cream businesses and cutting 7,500 jobs.
Elsewhere on Wall Street, the waiting game is on to hear from the Federal Reserve about where interest rates may be heading.
The Fed is beginning its latest meeting on interest rates, and it will announce its decision on Wednesday. The widespread expectation is for it to leave its main interest rate alone at a two-decade high. The hope is that it will indicate it still expects to cut rates three times later this year, as it hinted a few months ago.
U.S. stock indexes have set records recently partly on hopes for such cuts, which would relieve pressure on the economy and financial system. But several hotter-than-expected reports on inflation
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