Wall Street is drifting in mixed trading on Wednesday after another discouraging update on inflation and a recovery for technology stocks.
The S&P 500 slipped 0.1% in early trading, still near its all-time high set at the start of the week. The Dow Jones Industrial Average was down 235 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.2% higher.
Gains for tech stocks helped support the market, like Micron Technology’s 4.3%. They had stumbled the day before after momentum suddenly halted for stocks riding excitement around artificial-intelligence technology.
Nvidia, the chip company that became one of the first faces of the AI boom, rose 2.4% and was the strongest force pushing upward on the S&P 500. Its CEO, Jensen Huang, got an invitation to join President Donald Trump on his trip to China, where they could discuss allowing shipments of Nvidia AI chips to the world’s second-largest economy.
Earlier in the day, Japan’s Softbank Group Corp. said that its profit for the 12 months through March zoomed by nearly five-fold from the previous year as its AI investments paid off.
