Investing.com – U.S. stocks fell on Wednesday, as Nvidia gave up early gains to cap the broader move in technology just days before key inflation data.
At 18:45 ET (17:45 GMT), it traded 36 points, or 0.1% higher, down 0.1%, and up 0.20%.
Nvidia is giving up its gains to impede technological progress
NVIDIA Corporation (NASDAQ:) gave up first-day gains and fell more than 1% a day after the chipmaker rose more than 7%, though investor sentiment on the stock remains firm amid AI-filled optimism that has sent the company soaring. With a double number. Percentage gains so far this year.
Inflation data is in focus
This week’s key economic data release will come on Friday, in the form of the Fed’s preferred monthly inflation measure.
With the Fed expected to cut rates only once in December, all eyes will be on whether the data will continue to show a moderation in price pressures.
“After the significant improvement in the CPI and outright contraction in the PPI, investors are hoping for lower PCE prices, which could lead to a triple set of commodity news for policymakers,” Stifel said in a recent note.
FedEx rises amid optimistic expectations; Southwest retreated due to steering cuts
FedEx (NYSE:) stock rose 14% after the delivery and logistics giant, whose results are seen as a potential sign of the state of the global economy, said it now expects full-year revenue growth in the low-to-mid ranges. -number one. Analysts had called for an increase of 3%.
It also revealed plans to buy back shares worth $2.5 billion in its current fiscal year.
Rivian Cars (NASDAQ:) stock jumped 21% after entering into a joint venture with Volkswagen (ETR:), which will see the German automaker invest an initial $1 billion in the electric car maker.
southwest airlines, General mills Skid after steering scare; Banks are looking forward to stress tests
Shares of Southwest Airlines (NYSE:) cut losses despite lowering its revenue forecast for the second quarter, citing uneven demand for travel. The airline said it now expects second-quarter operating revenue per available mile to decline 4% to 4.5% compared to previous guidance of 1.5% to 3.5%.
General Mills (NYSE:) The stock fell more than 4% after the packaged foods giant It forecast annual earnings below estimates and reported a larger-than-expected decline in quarterly sales, hurt by lower demand for snack bars and pet food, as well as higher input costs.
Bank stocks were also in the spotlight on Wednesday ahead of the Federal Reserve’s annual stress test, which serves as a gauge of whether the largest U.S. banks can withstand an economic shock.
Energy stocks fell as oil prices pared gains amid surprise jump in U.S. crude inventories.
Energy stocks were the biggest losers today, weighed down by weakness in oil after it showed that domestic crude and gasoline inventories unexpectedly increased last week, raising concerns about demand.
EQT Company Shares of Hess (NYSE:) and Halliburton (NYSE:) fell about 2% and were among the biggest losers in the energy sector during the day.
(Peter Nourse and Ambar Warrick contributed to this article.)