On Wednesday, the US stock market presented a mixed picture. The S&P 500 flirted with the unchanged mark, while the Nasdaq experienced a slight decline of 0.3%. In contrast, the Dow Jones Industrial Average saw an increase of 280 points. This market activity occurred amid an ongoing sell-off in technology stocks, driven by revived apprehensions about AI-induced disruptions. Conversely, the energy, consumer staples, and health sectors emerged as the top gainers. Meanwhile, investors carefully assessed a new wave of corporate announcements.
Eli Lilly's shares soared over 7% following its report of earnings and revenue that surpassed expectations, coupled with an optimistic forecast for 2026. Alphabet's stock appreciated by 0.9%, and Qualcomm recorded a 2.7% gain ahead of its impending earnings announcement post-market. Amgen also saw a notable rise of 4.5% after delivering stronger-than-anticipated earnings and revenue figures. Conversely, AMD's shares plummeted by more than 12% due to disappointing forecasts. Other tech stocks, including Nvidia (-0.8%), Meta (-1.1%), Broadcom (-1.0%), Oracle (-3.7%), and Micron Technology (-3.2%), experienced significant declines. In the broader economic context, the ADP report indicated that the US private sector added a mere 22,000 jobs last month, underscoring signs of a cooling labor market.
