On Wednesday, the US markets experienced a mixed close amidst a day of volatile trading. The morning saw stocks holding steady before surging following Federal Reserve Chair Jerome Powell's statement that it was unlikely for rates to increase again in this cycle. Despite the initial rally, investors were unable to maintain the momentum, leading to the S&P 500 and Nasdaq closing lower.
The Dow managed to end the day on a positive note, gaining 87 points or 0.2%. However, the S&P 500 and Nasdaq both saw declines of 0.3%. This marked the end of a challenging month for Wall Street, with all three major indexes finishing April in the red after five consecutive months of gains. The Dow recorded its worst month since September 2022.
In terms of earnings reports, chip stocks took a hit after Advanced Micro Devices (AMD) released disappointing results. AMD shares plummeted by 9% during Wednesday's trading session. Super Micro Computer also saw a decline, with shares dropping by 14%. Nvidia experienced a more modest decrease of about 4%.
As the trading day concluded, stock levels may still undergo minor adjustments. The market's reaction to recent developments and earnings reports will likely continue to influence investor sentiment in the days ahead.
