By Anietie anii-bassey
A renewed slide in major technology stocks weighed heavily on Wall Street on Wednesday, pulling the Nasdaq sharply lower even as the broader market showed pockets of strength and the Dow Jones Industrial Average finished solidly in positive territory.
The S&P 500 slipped 0.5%, marking its fifth modest decline in the past six trading days, while the Dow climbed 260 points, or 0.5%. The Nasdaq composite tumbled 1.5%, reflecting widespread selling in large and mid-sized technology names that overshadowed gains elsewhere in the market.
Market breadth was relatively healthy, with more than twice as many stocks rising within the S&P 500 as falling. Still, steep losses among influential technology companies pushed the benchmark index lower for a second straight day, underscoring how sensitive investors remain to shifts in sentiment toward the sector that has dominated market gains in recent years.
Advanced Micro Devices was among the session’s biggest drags, plunging 17.3% despite reporting quarterly profits that exceeded analysts’ expectations. The chipmaker also issued a revenue forecast for early 2026 that topped Wall Street projections.
Investors, however, appeared unimpressed after the stock had roughly doubled over the past year, prompting some to lock in gains amid growing concerns that technology valuations have run ahead of fundamentals.
Pressure has been building across much of the tech industry even when companies post better-than-expected results. Market participants have increasingly questioned whether prices for the largest technology firms climbed too high following years of outsized performance.
At the same time, many software and services companies face uncertainty over how rapidly advancing artificial intelligence could reshape competition and threaten established business models.
Uber Technologies also weighed on sentiment after its shares slid 5.1%. The ride-hailing company reported quarterly results that fell short of analysts’ expectations and issued a weaker-than-forecast profit outlook for the current quarter. Uber also announced the appointment of a new chief financial officer, adding another element of uncertainty for investors already cautious about growth prospects.
Not all technology stocks finished lower. Super Micro Computer surged 13.8% after the maker of artificial intelligence servers and data-center equipment posted stronger-than-expected profits for the latest quarter, suggesting that demand tied to AI infrastructure remains robust for select players in the industry.
Outside of technology, several major companies delivered notable gains. Eli Lilly jumped 10.3% after surpassing Wall Street’s profit expectations, continuing to benefit from surging demand for its diabetes and weight-loss treatments Mounjaro and Zepbound, which have become major growth engines for the pharmaceutical giant.
Match Group climbed 5.9% after reporting better-than-expected results and announcing an increase to its dividend. The online dating company pointed to early success from initiatives aimed at improving user experiences, including the rollout of a new facial verification feature on Tinder that it said has sharply reduced interactions with so-called bad actors in markets where it has been introduced.
Walmart edged up 0.2% a day after its total market value surpassed $1 trillion for the first time, placing the retail giant in an elite group largely dominated by technology behemoths such as Nvidia and Apple, each valued at more than $4 trillion.
By the close of trading, the S&P 500 had fallen 35.09 points to 6,882.72. The Dow Jones Industrial Average rose 260.31 points to 49,501.30, while the Nasdaq composite dropped 350.61 points to 22,904.58.
In commodities markets, gold and silver prices advanced after trimming larger gains earlier in the session. Gold rose 0.3% to settle at $4,950.80 per ounce after briefly climbing back above the $5,000 threshold. The precious metal has been highly volatile after roughly doubling in price over the past year, touching nearly $5,600 last week before plunging below $4,500 on Monday.
Silver, which has experienced even sharper swings, added 1.3%. Both metals have surged recently as investors sought perceived safe havens amid concerns ranging from potential tariffs and a weakening U.S. dollar to heavy government debt burdens around the world. Skeptics, however, have argued that prices rose too quickly and were due for a pullback.
In the bond market, Treasury yields were little changed following a pair of mixed economic reports. Data from ADP Research suggested that private-sector employers hired fewer workers last month than economists had expected, while a separate survey from the Institute for Supply Management indicated that growth among U.S. services businesses such as health care and construction continued in January at the pace forecasters had projected.
That services-sector report also showed that prices paid by businesses rose more quickly during the month, a development that could reignite concerns about stubborn inflation pressures. The yield on the benchmark 10-year Treasury note slipped slightly to 4.27% from 4.28% late Tuesday.
Overseas markets delivered a mixed performance. Japan’s Nikkei 225 retreated 0.8% from its recent record high, with shares of Nintendo sinking 11% despite strong profit results. Investors and analysts expressed caution over whether sales momentum can be sustained for the company’s Switch 2 console, which debuted last year.
In South Korea, by contrast, the Kospi index climbed 1.6% to another all-time high, highlighting the uneven mood across global markets as traders weighed earnings reports, economic signals and shifting expectations for inflation and growth.
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