The Nasdaq is down approximately 1.5% from its daily high.
The stock market experienced a decline on Wednesday, primarily due to a drop in tech stocks. Investors were eagerly awaiting chipmaker Nvidia's earnings report, which was considered crucial for market confidence.
The Dow Jones Industrial Average (^DJI), having closed at an all-time high on Tuesday, saw a decrease of almost 0.4%. The S&P 500 (^GSPC) fell by about 0.6%, while the Nasdaq Composite (^IXIC) experienced a more significant decline of over 1.1%.
Stocks retreated from the nearly record-setting levels of the previous day as investors focused on Nvidia’s second-quarter results, which were released after the market close on Wednesday. Following the release, Nvidia reported earnings and revenue that exceeded Wall Street's estimates, but its shares declined by more than 5% in after-hours trading. Notably, Nvidia's stock had risen by approximately 160% so far this year.
Moreover, SuperMicro Computer (SMCI) saw its shares drop by more than 19% after announcing a delay in the filing of its annual report for the fiscal year that ended on June 30.
In the retail sector, both Abercrombie & Fitch (ANF) and Foot Locker (FL) saw their shares decrease by double-digit percentages. Abercrombie & Fitch CEO Fran Horowitz referred to an "increasingly uncertain environment" for retail in the company's release.
