S&P 500 closes lower as chip stocks lead tech totter Investing.com

Investing.com — Closed lower on Wednesday, as weakness in Nvidia led to a drop in technology ahead of the chipmaker’s quarterly results.

At 16:00 ET (20:00 GMT), it was down 0.4 percent, or 159 points, down 0.6 percent, while it was down 1.1 percent.

All eyes on Nvidia’s earnings

NVIDIA Corporation (NASDAQ: ), the world’s most valuable chipmaker, fell 2%, leading the broader technology sector lower, as investors opted for caution ahead of the company’s second-quarter results after the bell. The firm is expected to report at $0.644 on revenue of $28.68 billion, with both readings up from the previous quarter.

Nvidia shares are up 160% so far in 2024 as the firm has benefited greatly from increased investment in artificial intelligence. The company produces the most advanced artificial intelligence chips on the market and is considered a benchmark for AI demand.

Also weighing on the semiconductor sector, Super Micro Computer Inc (NASDAQ: ) fell 19% after the AI ​​server provider said it would delay publishing its annual results. The announcement comes just a day after short seller Hindenburg flagged numerous problems with the company, including accounting problems and equipment shipments to Russia and a Chinese entity that has been pursued by the US government.

PVH drives a lot of mostly weak earnings from retailers; Chewy treats in the winnings stage

Shares of PVH (NYSE: ) fell more than 6% after the apparel giant, which owns brands such as Calvin Klein and Tommy Hilfiger, reported a drop in second-quarter sales.

Shares of Bath & Body Works (NYSE: still raised.

Shares of Abercrombie & Fitch (NYSE: ) fell 16% after the clothing retailer’s CEO Fran Horowitz warned of an “increasingly uncertain environment” as macro conditions worsened, even and after the company raised its forecast for annual sales.

Shares of Kohl’s (NYSE: weak.

Chewy (NYSE: ) stock rose 11% after the online pet products retailer reported strong second-quarter earnings that beat expectations.

Cryptocurrency stocks continue to decline

Actions related to cryptocurrencies, incl Coinbase Global Inc (NASDAQ: ), Riot Platforms (NASDAQ: ) and MicroStrategy Incorporated (NASDAQ: ) came under pressure after Bitcoin fell below $60,000 as investors appeared to take profit off the table ahead of Nvidia’s earnings.

(Ambar Warrick and Noreen Burke contributed to this report)