U.S. tech stocks declined for a third day in a row Wednesday as traders look ahead to Nvidia’s latest quarterly earnings report.
The Dow Jones Industrials pulled into the plus column by day’s end 47.92 points to 38,611.72.
The S&P 500 jumped 6.31 points to 4,981.82.
The NASDAQ index subtracted 49.91 points to 15,580.87.
Nvidia is slated to post its fiscal fourth-quarter results after the bell. Concerns surrounding Nvidia’s high valuation have grown leading up to the announcement, as shares of the chipmaker have soared about 230% over the past year. The stock slid more than 3.5% Wednesday.
Elsewhere in corporate news, Palo Alto Networks shed more than 27% after the cybersecurity company cut its full-year revenue guidance. SolarEdge Technologies lost roughly 12%, dropping on weak first-quarter guidance.
Wall Street will also have an eye out for the minutes from the Federal Reserve’s January meeting, seeking further insight on where the central bank stands on rates. This comes on the back of hotter-than-expected economic data the previous week.
Prices for the 10-year Treasury dipped, raising yields to 4.32% from Tuesday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices gained 97 cents to $78.01 U.S. a barrel.
Gold prices skidded $4.10 to $2,035.70.
