S&P 500 Bounces Back From Three-Day Losing Streak Amid Stable Oil Prices
US stocks rebounded on Wednesday after three consecutive days of losses as oil prices stabilized and inflation concerns eased. The S&P 500 index rose 0.5% to 12:25 p.m. in New York, putting it on track to end its losing streak.
The Nasdaq 100 Index was relatively unchanged, while single-stock movers included Dell Technologies Inc., which surged 7.8% after boosting its annual sales forecast by $25 billion due to increased demand for servers to run artificial-intelligence tasks.
However, Credo Technology dropped 18% as investors were underwhelmed by the company's second-quarter revenue forecast, despite a 44% rally in the stock this year. The US economy and job market also came into focus, with data showing companies added jobs at a moderate pace in August, underscoring a stable labor market.
Traders are now looking ahead to Nvidia Corp.'s rival Broadcom Inc., which will report earnings after the closing bell on Wednesday. Following last week's blowout earnings from Nvidia, investors are hoping for a similar performance from Broadcom.