On Wednesday, the S&P 500 closed lower after a 20% drop in Super Micro Computer's stock, which triggered a sell-off in chip stocks. The Dow Jones fell 0.60%, the S&P 500 decreased 0.7%, and the NASDAQ dropped 1%.
Treasury yields rose following a weaker-than-expected 10-year Treasury auction. Energy stocks gained from higher oil prices, with U.S. crude stocks falling more than anticipated.
In corporate news, Walt Disney’s stock fell 4% due to lower park profits, while Shopify surged 18% on strong results. Airbnb’s stock dropped 13% after a weak revenue forecast.
Despite recession fears and weak data, Citi remains optimistic about S&P 500 earnings for 2024, while Goldman Sachs noted increased market stress but no severe disruptions.
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