Market Data 
Investing.com — The closed lower Wednesday, as weakness in Nvidia led a slide in tech just ahead of the chipmaker’s quarterly results.
At 16:00 ET (20:00 GMT), fell 0.4%, or 159 points, fell 0.6%, while dropped 1.1%.
All eyes on Nvidia earnings
NVIDIA Corporation (NASDAQ:), the world’s most valuable chipmaker, fell 2% leading the broader tech sector lower as investors opted for caution ahead of the company second quarter results after the bell. The firm is expected to report at $0.644 on a revenue of $28.68 billion, with both readings picking up from the prior quarter.
Nvidia’s shares have spiked 160% so far in 2024, as the firm benefited greatly from increasing investment in artificial intelligence. The firm makes the most advanced artificial intelligence chips in the market, and is considered as a bellwether for AI demand.
Also weighing on the semiconductor sector, Super Micro Computer Inc (NASDAQ:) fell 19% after the AI server provider said it would delay publishing its annual results. The announcement comes just a day after short-seller Hindenburg flagged numerous issues at the company including accounting issues and equipment shipments to Russia and to a Chinese entity that has been watchlisted by the US government.
PVH leads slew of mostly mostly downbeat earnings from retailers; Chewy delights on earnings stage
PVH (NYSE:) stock fell more than 6% after the clothing giant, which owns brands like Calvin Klein and Tommy Hilfiger, reported a drop in second-quarter sales.
Bath & Body Works (NYSE:) stock fell 7% after the retail store chain cut its annual sales forecast, a sign of weaker demand for its pricey products such as fragrances and scented candles in the face of still-high inflation.
Abercrombie & Fitch (NYSE:) stock fell 16% after the clothes retailer’s CEO Fran Horowitz warned of an “increasingly uncertain environment” as macro conditions worsened, even after the company lifted its forecast for annual sales.
Kohl’s (NYSE:) stock closed marginally higher after the department store raised its annual profit forecast after beating estimates for second-quarter earnings, helped by a tight leash on costs and leaner inventories.
Chewy (NYSE:) stock rose 11% after the online retailer of pet products reported strong second-quarter earnings, exceeding expectations.
Cryptocurrency-related stocks follow lower
Cryptocurrency-related stocks including Coinbase Global Inc (NASDAQ:), Riot Platforms (NASDAQ:) and MicroStrategy Incorporated (NASDAQ:) came under pressure after Bitcoin slumped below $60,000 as investors appeared to take profit off the table ahead of Nvidia’s earnings.
(Ambar Warrick and Noreen Burke contributed to this report)
