Wall Street inched lower early today, the Associated Press reports, while markets waited for Nvidia’s quarterly earnings release, which could serve as a litmus test for the AI chip revolution. Futures for the S&P 500 dipped 0.3% before the bell, and futures for the Dow Jones Industrial Average fell 0.2%.
Nvidia slipped about 1.5% in premarket trading following a tumble of 4.4% Tuesday, which weighed down the entire sector. It’s still the S&P 500’s biggest gainer so far this year, rising about 40% and pushing it to a size that equals Amazon.
Security software maker Palo Alto Networks was the biggest premarket loser, skidding 24% before the bell after it cut its 2024 sales and billings guidance.
Amazon rose less than 1% in off-hours trading after Tuesday’s announcement that the e-commerce giant was joining the Dow Jones Industrial Average. Amazon will replace drugstore operator Walgreens Boots Alliance in the Dow before the open of trading on Monday.
HSBC Holdings reported its profit before tax reached a record of $30.3 billion in 2023 on Wednesday but still fell short of analysts’ expectations.
In other trading, U.S. benchmark crude lost 18 cents to $76.86 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 18 cents to $82.16 per barrel.
The U.S. dollar barely budged to 149.99 Japanese yen from 150.01 yen.
