Stock market today: Wall Street slips ahead of a highly anticipated speech from the Federal Reserve
Stocks are slipping on Wall Street, despite a blowout profit report from one of its most influential companies, after a couple mixed reports on the U.S. economy
NEW YORK — Stocks are slipping on Wall Street Thursday, despite a blowout profit report from one of its most influential companies, after a couple mixed reports on the U.S. economy.
The S&P 500 was 0.4% lower in midday trading after flipping from an earlier gain. It's still on track for a winning week, which would trim its loss for what's been a dismal August.
The Dow Jones Industrial Average was down 83 points, or 0.2%, at 34,389, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.7% lower.
Nvidia was in the spotlight after it reported much stronger profit and revenue for the latest quarter than expected. That raised hopes that this year’s frenzy on Wall Street around artificial-intelligence technology isn’t just hype.
Nvidia first stunned the market three months ago when it said the quick adoption of AI would send its revenue soaring in the three months through July. Its sales came in even better than forecast, at $12.51 billion, and the company gave a forecast for the current quarter that again blew past Wall Street’s expectations.
Nvidia climbed 1.8%, bringing its gain for the year so far to nearly 229%. It was the biggest single force pushing upward on the S&P 500.
Conditions were weaker across the rest of Wall Street, as yields in the bond market steadied themselves following a tumble the day before.
The yield on the 10-year Treasury rose to 4.21% from 4.20% late Wednesday. It fell there from 4.33% a day before, which was close to its highest level since 2007. Higher yields mean bonds pay more in interest, which also causes investors to feel less
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