The major market indexes opened higher Wednesday ahead of the release of the FOMC’s minutes at 2 p.m. ET. However, those early gains quickly dissipated in a volatile trading session.
The tech-heavy Nasdaq quickly set the pace as it looked to snap a three-day losing streak, but turned its gains to losses, falling 0.1%. Meanwhile, the S&P 500 and Dow Jones industrial average lagged, falling 0.2% and 0.3%, respectively.
Among the Dow industrials, Boeing (BA) paced the advancers with a 0.8% rise, while Intel (INTC) followed up with a 0.3% gain. The airplane maker remains extended from a 185.81 flat-base entry, while the chipmaker remains well below its 200-day line.
Leading stocks looked to rebound after Monday’s sell-off as Nvidia (NVDA) rose 2.1% after Baidu (BIDU) announced it would use Nvidia chips in its artificial-intelligence technologies. Other chip leaders included Applied Materials (AMAT) and Broadcom (AVGO), which rose 1.4% and almost 0.1%, respectively. Both have been under pressure in recent trading sessions as they trade under their 50-day lines.
Tesla (TSLA) hit the brakes, skidding more than 5% after Goldman Sachs lowered its price target on the electric-auto maker to 180 from 190 — about 50% of the stock’s current value. On Monday, Tesla said that production shortfalls inhibited sales during Q2. Shares were trading right at their 50-day line.
On the downside, recent issue Floor & Decor (FND) extended its losing streak to six trading days, dropping 5%.