If you are a stock-market bull, you had to love Wednesday’s open. That was the best part of the day.
Stocks shot up to their highs of the day within a half-hour of the open. And spent the rest of the day giving up all of their gains.
By 10 a.m., the Standard & Poor’s 500 Index was up as much as 1.7%, the Nasdaq Composite jumped 2%, and the Dow Jones industrials were up 1.2%.
Steadily and surely, however, the gains evaporated entirely. The Nasdaq finished down 1.1% at 16,195.81. The S&P 500 was off 0.8% at 5,199.50.
The Dow’s loss was 0.6%, but the point loss was dramatic. The blue-chip index had been up as many as 480 points but ended down 234 points— a 714-point swing.
Related: Midday stock movers: Super Micro tumbles; Apple up; Tesla, Rivian down
Here’s why the market lost its mojo.
Tech stocks were weak. Super Micro Computer (SMCI) , maker of high-end servers that handle the loads generated by AI applications, reported disappointing earnings and fell a whopping 20% to $492.70. Dell Technologies (DELL) , a Super Micro Competitor, fell 7.2%. Nvidia (NVDA) dropped 5.1%. Intel fell 3.5%. Microsoft (MSFT) fell 0.3%. Apple (AAPL) , however, was up 1.3%.
Disney earnings didn’t impress. Walt Disney (DIS) shares fell 4.5% to $86.96. The company’s earnings were mixed. The entertainment giant reported the first profit ever for its Disney+ streaming service, and CEO Bob Iger sees more gains ahead. But the company said that attendance at its theme parks was softer than expected.
More Economic Analysis:
Biotechs had a hard day. Dow component Amgen (AMGN) fell 5%. The Nasdaq Biotechnology Index was off 1.3%.
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