US
VN
TW
Investing.com - The S&P 500 gave up gains Wednesday, as fresh tariff concerns soured investor sentiment just ahead of quarterly earnings from artificial intelligence-darling Nvidia (NASDAQ:NVDA), though
At 2:44 p.m. ET (19:44 GMT), the benchmark S&P 500 fell 0.1%, the tech-heavy Nasdaq Composite rose 0.1%, and the 30-stock Dow Jones Industrial Average fell 0.3%, or 134 points.
Stocks were forced to give up gains after Donald after President Donald Trump said Mexico, Canada tariffs would go into effect on Apr. 2. Many on Wall Street had hoped that the tariff delay granted to Canada and Mexico would end a resolution, avoiding the prospect of a trade war;.
Trump also said he would soon enact a 25% tariff on goods from the European Union.
Trump further fueled fears of global trade war after the president said he was ended a deal with Venezuela, which was agreed under the Biden administration to get free elections, as the Venezuela was refusing to take back illiegal immigrants.
Tech stocks rebounded from the soft start to the week as investors bought the recent dip, with Nvidia leading the charge up 2% ahead of its quarterly results due after the market closes.
Nvidia is tipped to post overall fourth-quarter revenue of $38.25 billion, including $34.06 billion in sales at its crucial data center business, according to Bloomberg consensus estimates. For the first quarter, the company is expected to guide for a top-line total of $42.26 billion.
"Further, we believe investors are expecting CQ1 guidance of sales flat to up a few percentage points (below the sellside consensus of 10% q/q sales growth)," Truist Securities said in a recent report.
As well as Nvidia, Super Micro Computer (NASDAQ:SMCI) surged more than 13% to help lift chip stocks after it filed its delayed financial reports. The filings will keep the group compliant with Nasdaq index requirements.
On the earnings front, Lowe’s (NYSE:LOW) gained more than 2% after reporting fourth-quarter adjusted earnings per share that topped consensus estimates, as the home improvement chain said it was boosted by its strategy to increase market share by selling to both retail and professional customers.
Workday (NASDAQ:WDAY) shares spiked by more than 5% after the AI-powered enterprise management platform reported fourth-quarter earnings and revenue that exceeded analyst expectations, while also providing robust guidance for the upcoming fiscal year.
Shares in AppLovin (NASDAQ:APP) tumbled 17% after Culper Research disclosed a short position in the stock.
Global payments group Flywire 's (NASDAQ:FLYW) stock price sank by more than 39% after it posted weaker-than-anticipated fourth-quarter revenue.
General Motors (NYSE:GM) shares jumped more than 3% after the carmaker announced a new $6 billion share repurchase authorization and a dividend increase of $0.03 per share.
Instacart ( Maplebear Inc.) (NASDAQ:CART) fell more than 11% after reporting Q4 revenue and adjusted EBITDA guidance for the current quarter that fell short of investor expectations.
(Scott Kanowsky contributed to this story)
