Wall St. rises just enough to break losing streak
NEW YORK — U.S. stock indexes drifted to a mixed finish on Wednesday after climbing in the morning but then running out of steam.
The S&P 500 finished an iota higher, less than 0.1%, after surrendering virtually all of its early gain of 0.9%. But that was just enough to break a four-day losing streak that had knocked the index off its all-time high.
The Dow Jones Industrial Average fell 188 points, or 0.4%, and the Nasdaq composite rose 0.3%.
The stock market has generally been struggling following some weaker-than-expected reports on the economy, including a couple that showed U.S. households are getting more pessimistic about inflation and tariffs pushed by President Donald Trump. Some of the harshest drops hit Big Tech and other high-growth stocks, whose incredible momentum had earlier seemed unstoppable.
Super Micro Computer, one of the stocks that’s soared in the frenzy around artificial-intelligence technology, lost nearly a quarter of its value over four days, for example. But it jumped 12.2% Wednesday after filing its annual report for its fiscal year that ended in June.
The company, which sells servers used in AI, had delayed filing its annual report and other required forms after its former accounting firm raised concerns about some of its financial reporting and governance. Super Micro then had to get extensions from Nasdaq to file the financial reports as it conducted a review and hired another public accounting firm.
Much of the market’s attention remained on Nvidia, the chip company that’s become the poster child of the AI rush. It rose 3.7% ahead of its latest profit report, which arrived after trading ended for the day.
It was the first earnings report for the company and its CEO, Jensen Huang, since a Chinese upstart, DeepSeek, upended the AI industry by saying it developed a large language model that can compete with big U.S. rivals without having to use the most expensive chips. That called into question all the spending Wall Street assumed would go into not only Nvidia’s chips but also the ecosystem that’s built around the AI boom, including electricity to power large data centers.
Some Big Tech companies have since said they still plan to invest billions of dollars into AI, an encouraging signal for the industry.
NRG Energy jumped 10.6% Wednesday after announcing it’s joining with GE Vernova and a subsidiary of Kiewit on a venture to generate more electricity for generative AI data centers. GE Vernova rose 5.5%