Live Markets-S&P 500, Nasdaq finish down but near flat ahead of Nvidia
SPY•Sector moves and notable stock action
Industrials and utilities led S&P 500 sector gainers. Healthcare led decliners.
Moderna shares fell 5.8% after strong gains on Tuesday. The company disclosed a late-stage cancer vaccine trial data last week.
S&P 500 and Nasdaq end lower ahead of Nvidia results
The S&P 500 and Nasdaq ended in the red but nearly flat on Wednesday, with investors on edge ahead of key results from Nvidia after the closing bell.
The Dow ended down 0.2%.
Investors also weighed data earlier in the day showing annual inflation held steady in July instead of easing as economists had expected. They now are looking to Federal Reserve Chairman Kevin Warsh's speech on Friday at the central bank's Jackson Hole symposium for signals that the Fed may be leaning toward a more hawkish stance on inflation. Traders are pricing in 35% odds of a September interest rate hike, rising to 75% by December.
Shares of Nvidia were down 1.6% on the day and were the biggest drag on the S&P 500 and Nasdaq.
Results from Nvidia are among the last for the second-quarter U.S. reporting period, which has been much stronger than expected.
However, worries remain for some investors about the sustainability of the AI boom. Nvidia has benefited from the push to build AI infrastructure but also has pumped billions of dollars into AI deals.
