NEW YORK (AP) 鈥� U.S. stock indexes drifted to a mixed finish after climbing in the morning but then running out of momentum. The S&P 500 finished the day an iota higher, less than 0.1%, but enough to break a four-day losing streak that had knocked it off its all-time high. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite added 0.3%. A rise for Nvidia and drop for Apple helped to sway the market back and forth through the day. General Motors revved higher after saying it would send more cash to investors. Treasury yields fell again as worries about economic growth continued.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� U.S. stock indexes are drifting lower Wednesday after climbing in the morning but then running out of momentum.
The S&P 500 was down 0.3% in late trading after surrendering an early gain of 0.9%. It's coming off a that knocked Wall Street off .
The Dow Jones Industrial Average was down 243 points, or 0.6%, with a little less than an hour remaining in trading, and the Nasdaq composite was 0.2% lower.
Advance Auto Parts tumbled 19% after the retailer said it made less profit out of each $1 of revenue during the latest quarter than a year earlier, in part because of liquidation sales at stores it closed. Apple, meanwhile, was the heaviest weight on the S&P 500 after dropping 3%.
The stock market has generally been on the economy, including a couple that showed about and pushed by . Some of the harshest drops hit Big Tech and other high-growth stocks, whose incredible momentum had earlier seemed unstoppable.
Super Micro Computer, one of the stocks that鈥檚 soared in the frenzy around technology, lost nearly a quarter of its value over four days, for example. But it jumped 12.3% Wednesday after filing its annual report for its fiscal year that ended in June.
The company, which sells servers used in AI and other computing, had delayed filing its annual report and other required forms after its raised concerns about some of its financial reporting and governance. Super Micro then had to get extensions from Nasdaq to file the financial reports as it and hired another public accounting firm.
General Motors revved up by 3.7% for another one of the market's bigger gains after the automaker announced a program to buy back up to $6 billion of its stock. It will also send more cash to its shareholders by increasing its dividend.
Much of the market鈥檚 attention remained on , the chip company that鈥檚 become the poster child of the AI rush. It rose 2.3% ahead of its latest profit report, which is due after trading ends for the day.
It will be the first earnings report , Jensen Huang, since a Chinese upstart, , upended the AI industry by saying it developed a large language model that can compete with big U.S. rivals without having to use the most expensive chips. That called into question all the spending Wall Street had assumed would go into not only Nvidia鈥檚 chips but also the ecosystem that鈥檚 built around the AI boom, including electricity to power large data centers.
Some Big Tech companies have since said they still plan to invest billions of dollars into AI, an encouraging signal for the industry.
NRG Energy jumped 10.5% Wednesday after announcing it's joining with GE Vernova and a subsidiary of Kiewit on a venture to generate more electricity to power generative AI data centers. GE Vernova rose 5.6%.
NRG also reported results for the latest quarter that topped analysts' expectations. Most of the other companies in the S&P 500 have likewise been delivering better profits for the end of 2024 than analysts expected.
Off-price retailer TJX rose 2.5% after joining the parade. The company behind TJ Maxx and Marshalls additionally said it plans to increase its dividend 13% and announced a program to buy up to $2.5 billion of its stock.
Worries have been rising about whether U.S. shoppers may cut back on their spending given stubbornly high inflation and jitters about the economy鈥檚 prospects. But TJX CEO Ernie Herrman said his company has benefited from its off-price model and sees many opportunities to grow over the long term.
In the bond market, Treasury yields fell again after dropping sharply in recent days on worries about the U.S. economy.
The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday. It had been nearing 4.80% just last month.
On Thursday, the U.S. Commerce Department will issue its third and final estimate of how the U.S. economy performed in the final three months of 2024. The economy still appears to be in , and at the moment, though uncertainty is growing about the future. Another report on Friday will show how the gauge of inflation that the Federal Reserve prefers to use has been behaving.
If reports were to show a stagnating economy and accelerating inflation, they could create a toxic mix that the Federal Reserve has few tools to fix.
鈥淪tagflation is the biggest risk looming over markets right now,鈥� according to from Mark Hackett, chief market strategist at Nationwide.
In stock markets abroad, indexes rose across much of Europe and Asia. France鈥檚 CAC 40 climbed 1.2%, and Hong Kong鈥檚 Hang Seng jumped 3.3%.
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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Stan Choe, The Associated Press
