Stocks fall again, but finish well off their lows
The S&P 500 gave back 0.2%, the Nasdaq 100 underperformed with a 0.6% drop, and the Russell 2000 dipped 0.3%.
What was shaping up to be a repeat of Tuesday’s AI momentum wreck seemingly turned on a dime into another buy-the-dip moment. Though major indexes all retreated on the session, they turned around sharply shortly before 11 a.m. ET to finish well off their lows. The S&P 500 gave back 0.2%, the Nasdaq 100 underperformed with a 0.6% drop, and the Russell 2000 dipped 0.3%.
Consumer discretionary, tech, and communication services — the sector ETFs home to the Magnificent 7 cohort — were the worst-performing S&P 500 groups on the day.
Analog Devices was the biggest gainer in the S&P 500, rising 6.3% after posting stronger-than-expected Q3 results. Intel led declines, falling 7% and reversing Tuesday’s gains on reports that the Trump administration may seek equity in chipmakers that receive federal grants under the Biden era CHIPS Act. Elsewhere...
Target sank 6.3% after the retailer topped Q2 estimates but reiterated expectations for a sales drop this year. The company also announced that longtime CEO Brian Cornell will step down.
Shares of Micron fell 4% after the Seoul Economic Daily said that Samsung Electronics’ new memory chip “passed reliability testing” from Nvidia and is poised to enter the preproduction stage.
Estée Lauder tumbled 3.6% after the MAC and Bobbi Brown parent matched Q4 estimates but painted a tougher profitability outlook over the coming year.
Airbus shares were down 2.2% as thousands of UK union workers plan to strike for 10 days in September amid a contract dispute.
CoreWeave fell 1.4% after filings showed top shareholder Magnetar Financial has sold over $147 million worth of shares since the company’s post-IPO lockup period expired.
Hertz rose 6% after the rental car giant announced it will begin selling some of its more than 540,000 used vehicles on Amazon. Conversely, Carvana and CarMax fell 1.6% and 2.6%, respectively, on the news.
TJX shares climbed 2.7% and hit an all-time high after the T.J. Maxx and HomeGoods parent topped Q2 estimates and raised its full-year forecast.
