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Stock Market Today: Further Weakness in Tech Companies Drags Wall Street Down

Stock Market Today: Further Weakness in Tech Companies Drags Wall Street Down


NEW YORK (AP) Stocks fell on Wall Street on Wednesday as weakness in technology companies continued to weigh on the market.

The S&P 500 slipped 0.3% in morning trading. The tech-heavy Nasdaq fell 0.6% and the Dow Jones Industrial Average slipped 120 points, or 0.3% as of 9:59 a.m. Eastern Time.

Palo Alto Networks was a big loser and a particularly heavyweight in the technology sector. The network security company lost a quarter of its value after giving future billing forecasts well below those sought by analysts. Its rival Fortinet fell 7.3%.

Amazon rose 1.6% following the announcement of its listing on the Dow Jones. Walgreens Boots Alliance, which leaves the Dow, fell 3.4%

Bond yields have remained relatively stable. The 10-year Treasury yield fell to 4.27% from 4.28% Tuesday evening.

Markets were mostly up in Europe and mixed in Asia.

Profits remain Wall Street's main concern. Nvidia will release its highly anticipated results later today. The chipmaker has tripled in size over the past year thanks to renewed investor enthusiasm for artificial intelligence.

Several other companies took significant action after releasing their financial results. Electronic measurement technology company Keysight Technologies fell 9.4% after its profit forecast came in below analysts' expectations. Garmin, which makes personal navigation devices, jumped 8.7% after beating profit forecasts.

Toll Brothers rose 5.6% after giving investors an encouraging financial update as it sees strong demand. This helped support gains across the homebuilding sector.

Energy companies gained ground as natural gas prices jumped 11%. Exxon Mobil rose 1.3%.

Later Wednesday, the Federal Reserve will release minutes from its latest meeting, during which it opted to leave its benchmark policy rate unchanged for the fourth time in a row. Investors have all but given up hope that the central bank will cut rates at its March meeting and are hoping the first rate cut will come in June.

Investors should wait until next week for another key inflation update. That's when the government will release its monthly report on personal consumption and spending, the federal government's preferred measure of inflation.




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