Tags: wall street | chipmakers | inflation | data

Wall Street Ends Mostly Lower as Chipmakers Ease

Wall Street Ends Mostly Lower as Chipmakers Ease
New York Stock Exchange (AP)

Wednesday, 13 March 2024 04:06 PM EDT

U.S. stocks mostly edged lower Wednesday as investors took profits in shares of Nvidia and other chipmakers, while they braced for producer price data on Thursday and further clues on inflation ahead of next week's Federal Reserve meeting.

An index of semiconductors eased after recent strong gains. The index is up roughly 17% for the year to date.

Investors are looking ahead to a GTC developer conference from March 18-21 and any announcements related to artificial intelligence.

Intel shares fell, with Bloomberg reporting that the Pentagon had pulled out of a plan to spend as much as $2.5 billion on a chip grant to the company.

February U.S. producer price data due on Thursday could offer further insight into inflation.

"The last reading actually helped to underscore the hotter inflation trend. So this is going to be important," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

While the U.S. central bank is widely expected to leave interest rates unchanged during its meeting, traders see a 65% chance of the first rate cut coming in June, the CME FedWatch Tool showed.

U.S. retail sales data also is due on Thursday.

According to preliminary data, the S&P 500 lost 9.66 points, or 0.19%, to end at 5,165.33 points, while the Nasdaq Composite lost 85.18 points, or 0.52%, to 16,180.46. The Dow Jones Industrial Average rose 38.68 points, or 0.11%, to 39,046.98.

Tuesday's slightly hotter-than-expected consumer price data failed to dampen hopes of rate cuts in the coming months.

Among other declining shares, Dollar Tree slumped after the discount store chain said it would close nearly 1,000 stores and posted a net loss in the previous quarter, hurt by an over-$1 billion goodwill impairment charge.

McDonald's shares fell after its chief financial officer said the fast-food giant's international sales could fall sequentially in the current quarter, pressured by the Middle East conflict and weak demand in China.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. stocks mostly edged lower Wednesday as investors took profits in shares of Nvidia and other chipmakers, while they braced for producer price data on Thursday and further clues on inflation ahead of next week's Federal Reserve meeting.
wall street, chipmakers, inflation, data
319
2024-06-13
Wednesday, 13 March 2024 04:06 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved