Major Indexes See PullbackOn Wednesday, all three major U.S. stock indexes closed lower, with the Nasdaq Composite leading the decline at a 1.12% drop. The S&P 500 fell 0.6%, and the Dow Jones Industrial Average dipped 0.39%. Nvidia's 2.1% decline, as investors awaited its quarterly results, contributed significantly to the tech sector's 1.3% drop.
Nvidia Earnings Disappoint
Nvidia reported better-than-expected fiscal second-quarter results with earnings of 68 cents per share on $30.04 billion in revenue, surpassing analyst expectations. Despite announcing a $50 billion stock buyback and offering a strong forecast, Nvidia’s stock fell 7% in extended trading, possibly due to market expectations that were higher than the reported figures.
Berkshire Hathaway Hits $1 Trillion Market Cap
Warren Buffett’s Berkshire Hathaway reached a significant milestone by achieving a $1 trillion market capitalization. It is the first non-technology U.S. company to do so. The stock rose 0.8% on Wednesday, reflecting the company's strong financial performance and the enduring value of its diversified holdings.
Super Micro’s Accounting Delay Sends Shares Tumbling
Super Micro Computer announced a delay in filing its annual report, citing the need for more time to assess its internal controls. This announcement came a day after Hindenburg Research revealed a short position in the company, causing Super Micro's shares to plummet more than 23%.
Salesforce CFO Steps Down
Salesforce announced that its Chief Financial Officer, Amy Weaver, will step down from her role, though she will stay on until a successor is found. Following her departure, Weaver will remain with the company as an advisor. This news came as Salesforce reported better-than-expected second-quarter earnings and raised its profit forecast for the full year.