A decline in tech stocks led the market lower on Wednesday as investors awaited chipmaker Nvidia's ( NVDA ) earnings report, seen as crucial to keeping confidence in the broader market aloft.
The Dow Jones Industrial Average ( ^DJI ), which closed at an all-time high on Tuesday, was down almost 0.4%. The benchmark S&P 500 ( ^GSPC ) fell about 0.6%, while the tech-heavy Nasdaq Composite ( ^IXIC ) was down more than 1.1%.
Stocks pulled back from the near-record levels seen on Tuesday, as investors shifted Nvidia's second quarter results after the bell on Wednesday. Following the market close, Nvidia reported earnings and revenue that topped Wall Street's estimates but shares slipped more than 5% after-hours. Nvidia's stock had been up about 160% this year so far.
Earlier on Wednesday, shares of SuperMicro Computer ( SMCI ) fell more than 19% after the company said it would delay the filing of its annual report for its fiscal year that ended June 30.
In retail, shares of both Abercrombie & Fitch ( ANF ) and Foot Locker ( FL ) fell by double digit percentages. Abercrombie & Fitch CEO Fran Horowitz referenced an "increasingly uncertain environment" for retail i n the company's release.