U.S. stocks closed lower on Wednesday, weighed down by rising Treasury yields. The Dow Jones Industrial Average dropped 0.66% to 51,179.87, while the S&P 500 and Nasdaq each fell 0.22% to 7,801.77 and 27,538.69, respectively.
Applied Digital Corp. saw a 6.04% decline to $23.81 during regular trading but rebounded 4.75% in after-hours trading to $24.94. The company reported fiscal first-quarter revenue of $300.39 million, a 322% year-over-year increase, surpassing analyst estimates of $132.16 million. Its adjusted loss of 1 cent per share also beat expectations for a 30-cent loss. Applied Digital ended the quarter with $3.7 billion in cash and equivalents, though it carries $6.4 billion in total debt.
Webull Corporation fell 19.09% to $5.89 after a congressional report highlighted national security risks tied to its China connections. Super Micro Computer, Inc. rose 3.41% to $44.94 following news that AI data-center provider Lambda is raising $4 billion ahead of an IPO. Micron Technology gained 4.06% to $1,088 despite potential production disruptions in Taiwan due to union strikes over bonuses.
Caterpillar Inc. slid 5.82% to $813.83 after the Federal Trade Commission and the Department of Agriculture sought public comments on potential anticompetitive behavior in agricultural equipment markets.