In today's trading session, US benchmark equity indexes experienced declines as investors took stock of the latest corporate earnings reports and awaited significant results from Nvidia (NVDA). As of Wednesday midday, the Nasdaq Composite exhibited a downturn of 1.1%, settling at 17,559.9. The S&P 500 similarly faced a decrease of 0.7%, at 5,588.2, while the Dow Jones Industrial Average slipped by 0.5% to reach 41,040.8.
Notably, the technology sector faced the steepest decline in the market, in contrast to utilities, which emerged as leaders among the gainers in this trading day. Amid this turbulent landscape, Super Micro Computer (SMCI) reported a staggering 23% drop in its share price, making it the worst performer on both the S&P 500 and the Nasdaq.
This decline followed the company's announcement that it does not anticipate filing its annual Form 10-K report on time for the fiscal year that ended on June 30. In a related development, Bath & Body Works (BBWI) adjusted its full-year sales outlook downwards after their fiscal second-quarter revenue fell below expectations.
The personal care and home fragrance retailer saw its shares tumble by 7.4%, marking it as the second steepest decline within the S&P 500. Similarly, J.M. Smucker (SJM) recorded a 4.5% decrease in shares, positioning it among the S&P 500's worst performers, spurred by the company revising its fiscal 2025 guidance amid a noticeable slowdown in the convenience channel. On a more positive note, Berkshire Hathaway (BRK.A, BRK.B) reached a market capitalization milestone of $1 trillion for the first time.
The shares for both class A and B ticked up by 0.3% each following midday trading. Looking towards the horizon, Nvidia is set to release its earnings results after the closing bell on Wednesday, alongside several other notable companies such as Salesforce (CRM), CrowdStrike (CRWD), and HP (HPQ). In bond markets, the US 10- and two-year yields remained relatively unchanged during intraday trading, standing at 3.84% and 3.87%, respectively. In economic news, there was a positive turn as mortgage application volume in the United States returned to an upward trajectory last week, primarily driven by an increase in purchase activity, according to a report from the Mortgage Bankers Association. Lastly, commodities reflected some fluctuations: West Texas Intermediate crude oil decreased by 0.7%, adjusting to a price of $75.02 per barrel.
Gold prices lowered by 0.7% to $2,536.50 per troy ounce, while silver experienced a more pronounced slump of 2.7%, landing at $29.62 per ounce. As the market navigates through these dynamics, investors remain vigilant, closely monitoring the unfolding developments both within corporate earnings and broader economic indicators..