Wall Street update/ Big Tech stocks fall/ S&P 500 performance/ Nasdaq dips/ Dow Jones rises/ HP earnings/ Dell stock drop/ Treasury yields today/ NEW YORK/ Newslooks/ J. Mansour/ Morning Edition/ Wall Street opened mixed Wednesday as losses in Big Tech, including Nvidia and Microsoft, weighed on markets. The S&P 500 dipped 0.1%, while the Nasdaq fell 0.4%. The Dow Jones gained 61 points after record highs on Tuesday. Declines in HP and Dell compounded the tech sector’s struggles. Treasury yields eased as investors awaited the Thanksgiving holiday.
Wall Street Midweek Update: Quick Looks
- S&P 500: Down 0.1% as Big Tech losses overshadowed gains in other sectors.
- Nasdaq: Fell 0.4%, driven by weak earnings from HP (-9.7%) and Dell (-12.3%).
- Dow Jones: Gained 61 points (0.1%), extending Tuesday’s record performance.
- Treasury Yields: The 10-year yield slipped to 4.25%, with the 2-year yield at 4.21%.
- Economic Context: Q3 GDP growth confirmed at 2.8%, supported by consumer spending and export strength.
Wall Street Mixed: Dow Rises, Nasdaq Slips on Tech Weakness
Deep Look
Wall Street saw mixed trading Wednesday morning as a pullback in major technology stocks countered gains in other sectors. By midmorning, the S&P 500 slipped 0.1%, reflecting uneven performance despite a majority of stocks posting gains. The tech-heavy Nasdaq shed 0.4%, while the Dow Jones Industrial Average added 61 points (0.1%) to extend its record-breaking performance from the prior session.
Big Tech Weighs on Markets
Losses in major tech companies like Nvidia and Microsoft were significant contributors to the broader market’s dip. Personal computer makers added to the drag after weak earnings reports. HP plunged 9.7% following a disappointing earnings forecast for the current quarter, while Dell saw an even steeper decline of 12.3% as its quarterly revenue fell short of Wall Street’s expectations.
Economic Indicators Hold Steady
In a positive sign for the overall economy, the Commerce Department confirmed that U.S. gross domestic product (GDP) grew at an annualized rate of 2.8% in the third quarter. The report highlighted robust consumer spending and a surge in exports as key drivers of growth. However, a Tuesday report from the Conference Board showed that U.S. consumer confidence rose in November but fell short of economists’ predictions, hinting at lingering caution among households.
Treasury Yields Retreat
In the bond market, Treasury yields eased slightly. The benchmark 10-year Treasury yield dropped to 4.25%, down from 4.30% late Tuesday, while the 2-year Treasury yield dipped to 4.21% from 4.25%. This decline suggests a cautious approach among investors as they assess future economic conditions.
Holiday Trading Context
U.S. stock markets will close on Thursday in observance of Thanksgiving, with lighter trading volumes expected as the week concludes. Despite the mixed performance on Wednesday, the backdrop of strong economic growth provides support for market resilience heading into December.
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