NEW YORK (AP) \u2014 U.S. stock indexes ended mixed on Wednesday after Nvidia, Palantir and other superstar stocks pared most of their steep losses from the morning.<\/p>\n
The S&P 500 dipped 0.2% after trimming a loss that reached 1.1% earlier in the day and remains near its an all-time high<\/a> set last week. The Dow Jones Industrial Average added 16 points, or less than 0.1%, and the Nasdaq composite fell 0.7%.<\/p>\n The day\u2019s action centered again around stocks caught up in the mania around artificial-intelligence technology<\/a>.<\/p>\n Nvidia, whose chips are powering much of the world\u2019s move into AI, sank as much as 3.9% during the morning and was on track to be the heaviest weight on Wall Street following its 3.5% fall on Tuesday.<\/p>\n But it clawed back nearly all of Wednesday\u2019s drop and finished with a dip of just 0.1%. As it pared its loss, so did broad market indexes because Nvidia is Wall Street\u2019s most influential stock by being its most valuable.<\/p>\n Palantir Technologies, another AI darling, fell 1.1% to add to its 9.4% loss from the day before, but it had been down as much as 9.8% Wednesday morning.<\/p>\n One possible contributor to the swoon was a study from MIT\u2019s Nanda Initiative that warned that most corporations are not yet seeing any measurable return from their generative AI investments, according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management.<\/p>\n But the larger factor may be the simple criticism that prices for such stock simply shot too high, too fast amid the furor around AI and became too expensive. Nvidia, whose profit report scheduled for next week is one of Wall Street\u2019s next major events, had soared 35.5% for the year so far heading into Tuesday. Palantir had surged even more, more than doubling.<\/p>\n The tech stocks still have supporters, though, who say AI will bring the next generational revolution in business.<\/p>\n Mixed profit reports from big U.S. retailers helped keep the rest of the market in check.<\/p>\n TJX, the company behind the TJ Maxx and Marshalls stores, climbed 2.7% after beating analysts\u2019 forecasts for profit and revenue. It also raised its forecast for profit over its full fiscal year, while CEO Ernie Herrman said TJX is seeing \u201cstrong demand at each of our U.S. and international businesses\u201d and that its current quarter is off to a strong start.<\/p>\n Lowe\u2019s<\/a> added 0.3% after the home-improvement retailer delivered a profit for the latest quarter that topped analysts\u2019 expectations.<\/p>\n Target, meanwhile, tumbled 6.3%. The struggling retailer said that CEO Brian Cornell plans to step down<\/a> Feb. 1 and that an insider, 20-year veteran Michael Fiddelke, will replace him. He helped reenergize the company, but it has struggled to turn around weak sales in a more competitive post-COVID retail landscape.<\/p>\n Story Continues <\/p>\n Estee Lauder dropped 3.7% after offering a forecast for profit this upcoming fiscal year that fell short of Wall Street\u2019s estimates. The beauty company said it expects tariffs to shave roughly $100 million off its upcoming earnings.<\/p>\n La-Z-Boy sank 12.1% after the furniture maker\u2019s profit and revenue for the spring came up shy of analysts\u2019 expectations.<\/p>\n All told, the S&P 500 fell 15.59 points to 6,395.78. The Dow Jones Industrial Average added 16.04 to 44,938.31, and the Nasdaq composite fell 142.10 to 21,172.86.<\/p>\n The week\u2019s biggest news for Wall Street is likely arriving on Friday, when Federal Reserve<\/a> Chair Jerome Powell will give a highly anticipated speech in Jackson Hole, Wyoming. The hope on Wall Street is that Powell will hint that cuts to interest rates are coming soon.<\/p>\n The Fed has kept its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump\u2019s tariffs <\/a> could push inflation<\/a> higher. But a surprisingly weak report <\/a> on job growth across the country may be superseding that.<\/p>\n Treasury yields have come down sharply on expectations for an easing of interest rates, and the yield on the 10-year Treasury fell to 4.29% from 4.30% late Tuesday.<\/p>\n Trump has been angrily calling for lower interest rates, often insulting Powell personally while doing so. Trump on Wednesday called on a top official at the Federal Reserve, Lisa Cook, to resign after a member of his administration accused her<\/a> of committing mortgage fraud.<\/p>\n In stock markets abroad, indexes were mixed across Europe and Asia.<\/p>\n London\u2019s FTSE 100 rose 1.1% despite a report that said inflation in the U.K<\/a>. rose more than expected through July, in part due to soaring airfares and food prices.<\/p>\n Hong Kong\u2019s Hang Seng added 0.2%. Shares that trade there of Chinese toy company Pop Mart International Group soared 12.5% after its CEO said its annual revenue could top $4 billion this year and announced the release of a mini version of its popular Labubu dolls.<\/a><\/p>\n ___<\/p>\n AP Business Writers Yuri Kageyama and Matt Ott contributed.<\/p>\n Stan Choe, The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 U.S. stock indexes ended mixed on Wednesday after Nvidia, Palantir and other superstar stocks…\n","protected":false},"author":2,"featured_media":85216,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[62,276,277,49,48,1375,6494,32201,50718,50717,61,6495,15691],"class_list":{"0":"post-85215","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-ca","12":"tag-canada","13":"tag-jerome-powell","14":"tag-nvidia","15":"tag-palantir","16":"tag-profit-report","17":"tag-stock-indexes","18":"tag-technology","19":"tag-wall-street","20":"tag-wednesday-morning"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/85215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=85215"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/85215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/85216"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=85215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=85215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=85215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}