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Barchart
Rich Asplund

Stocks Finish Lower as Weak AMD Earnings Undercut Chip Makers

AMD MA Day United States LIN MO ADP Alphabet SMCI Super Micro Computer

The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.33%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.79%.

Stocks Wednesday relinquished early gains and posted moderate losses as a slide in chip stocks weighed on the broader market.  Advanced Micro Devices closed down more than -10% to lead chip stocks lower after forecasting Q4 revenue below consensus. Also, some negative corporate news undercut stocks as Super Micro Computer plunged more than -32% after accounting firm Ernst & Young LLP resigned as SMCI’s auditor amid a US Justice Department probe of the company’s accounting practices. 

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