The S&P 500 ended Wednesday with modest losses, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings.
The Dow Jones Industrials shook off gains garnered during the day, losing 5.29 points to 52,219.35.
The much broader index gave back 10.21 points to 7,498.99.
The NASDAQ Composite plummeted 146.30 points to 25,690.90.
Earnings take center stage again on Wednesday, with reports due from ServiceNow, International Business Machines, Tesla, Texas Instruments and Alphabet.
Shares of Super Micro Computer jumped 21% on the heels of the server maker forecasting higher margins than expected for the fiscal fourth quarter, with the company saying that it received more than $60 billion in new orders in the period.
AT&T shares also saw gains, rising 2% following the telecommunications company’s better-than-expected earnings for the second quarter.
Conversely, shares of GE Vernova dropped 8% after the company’s second-quarter earnings missed expectations.
Investors will be watching closely for updates on AI spending, cloud demand, corporate technology budgets and the outlook for the second half of the year.
Prices for the 10-year Treasury backpedaled, raising yields to 4.66% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.22 to $86.56 U.S. a barrel.
Gold prices acquired $60.80 to $4,137.2.70 U.S. an ounce.
