US Stocks Flat Amid Quiet Trading Day
The US stock market had a quiet day of trading on Wednesday, with the S&P 500 index edging down by less than 0.1% and remaining near its all-time high set earlier this month.
Nvidia's earnings report was highly anticipated, but it arrived after the markets closed for the day. The chip giant has experienced tremendous growth in profit due to the artificial-intelligence boom, making it the largest stock by value in the US market.
Abercrombie & Fitch and J.M. Smucker reported stronger-than-expected profits, with Abercrombie & Fitch seeing a 35.7% increase in its stock price and J.M. Smucker climbing 4.3%. However, Intuit fell 3.2% despite beating analysts' profit expectations due to its forecast for profit growth falling short of expectations.
The bond market saw Treasury yields tick higher following updates on inflation and economic growth. The measure of inflation preferred by the Federal Reserve sat at 3.7% last month, slightly worse than expected, while growth in consumer spending slowed.