On Wednesday, the US markets experienced a mixed close amidst volatile trading. Initially, stocks saw little change in the morning, but surged later when Federal Reserve Chair Jerome Powell suggested in a press conference that further rate hikes in this economic cycle were improbable. Despite this boost, the rally faltered, leading to declines in both the S&P 500 and the Nasdaq by the end of the day.
Specifically, the Dow Jones Industrial Average finished the session with a gain of 87 points, or 0.2%. Conversely, the S&P 500 and Nasdaq declined by 0.3% each. April marked a continuation of losses for Wall Street, concluding a streak of five months of gains for all three major indexes, with the Dow posting its most significant monthly decline since September 2022.
In earnings announcements, chip stocks faced setbacks following a disappointing report from Advanced Micro Devices (AMD), causing its shares to plummet by 9% on Wednesday. Similarly, Super Micro Computer saw a decline of 14%, while Nvidia slipped approximately 4%.
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