Investing.com — The S&P 500 closed slightly higher Wednesday as Amazon’s share price surge to a record high helped lift the tech just days ahead of key inflation data.
At 4:00 PM ET (20:00 GMT), the price gained 0.1% and rose 0.5%, trading 16 points, or 0.04% higher,
Nvidia gives some profit to slowing down technological progress; Amazon joins a $2 trillion club
NVIDIA Corporation (NASDAQ:) gave up early gains to close just above the flatline, a day after the chipmaker rallied more than 7%, though investor sentiment on the stock remains steady amid an AI-driven infuses optimism that has seen the company increase double-digit percentage gains so far this year.
Amazon.com Inc (NASDAQ:), meanwhile, closed at a record high after gaining 4% on the day as its market cap hit $2 trillion.
Looked up inflation data
The week’s most important economic data will be released Friday in the form of the monthly , the Federal Reserve’s favorite inflation gauge.
With the Fed predicting just one rate cut in December, all eyes will be on whether the data continues to show a moderation in price pressures.
“Following a bigger improvement in the CPI and outright deflation in the PPI, investors are hoping for a cooler PCE, potentially resulting in a trifecta of commodity news for policymakers,” Stifel said in a recent note.
Fedex rises on positive outlook; Southwest slumps following guidance reduction
Shares of FedEx (NYSE:) rose 15% after the delivery and logistics giant, whose results are considered a possible indicator of the state of the global economy, said it now expects to deliver full-year sales growth in the low to medium term. -single digit. Analysts had called for a 3% increase.
It also unveiled plans for a $2.5 billion share buyback in the current fiscal year.
Rivian car industry (NASDAQ:) rose 23% after entering into a joint venture with Volkswagen (ETR:), which will see the German automaker invest an initial $1 billion in the electric vehicle maker.
Southwest Airlines, General Mills slip after guidance ghost; banks looked ahead to the stress tests
Shares of Southwest Airlines (NYSE:) pared most of their losses despite lowering its second-quarter revenue forecast, citing uneven travel demand. The airline said it now expects operating revenue per available seat mile to decline 4% to 4.5% in the second quarter, compared with previous expectations of a decline of 1.5% to 3.5%.
General Mills (NYSE:) Shares fell more than 4% after the packaged food giant closed forecast annual profit below estimates and posted a larger-than-expected decline in quarterly sales, which was impacted by lower demand for its snack bars and pet food, as well as higher input costs.
Bank stocks were also in the spotlight Wednesday ahead of the Federal Reserve’s annual stress test, which serves as a gauge on whether the largest U.S. banks can withstand an economic shock.
Energy stocks are falling as oil prices cut gains amid a surprise surge in U.S. crude inventories
Energy stocks were the day’s biggest losers, pressured by oil weakness after domestic crude and gasoline inventories rose unexpectedly last week, raising demand concerns.
EQT company (NYSE:), Hess Corporation (NYSE:) and Halliburton Company (NYSE:) fell about 2% and were among the biggest losers in the energy sector that day.
(Peter Nurse, Ambar Warrick contributed to this article.)
