Stocks fell broadly on Wall Street in afternoon trading ahead of an eagerly anticipated earnings report from the semiconductor company Nvidia, whose chips power AI applications.
The S&P 500 fell 1 per cent, with more than 70 per cent of the stocks in the benchmark index in the red. Tech sector stocks, which include many companies with outsized values that tend to lean more heavily on the index, were the biggest drag on the market.The Dow Jones fell 351 points, or 0.9 per cent. The index is coming off two consecutive all-time highs. The Nasdaq composite fell 1.6 per cent.
PVH, which owns the Calvin Klein and Tommy Hilfiger brands, fell 6.3 per cent after giving investors a revenue forecast short of analysts’ expectations. Food producer J.M. Smucker fell 4.9 per cent after trimming its earnings forecast for the year.Super Micro Computer sank 20.4 per cent for the biggest decline among S&P 500 stocks after the server technology company said it was delaying the filing of its annual report.
Economists expect the PCE, which is the Fed’s preferred measure of inflation, to show that inflation edged up to 2.6 per cent in July from 2.5 per cent in June. It was as high as 7.1 per cent in the middle of 2022. The rate of inflation has been easing steadily back toward the central bank’s target of 2 per cent since then, following the Fed’s aggressive interest rate hikes.
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