NEW YORK: Gains in Nvidia ahead of earnings helped lift the Nasdaq Wednesday while the Dow retreated on White House talk of more tariffs, this time on the EU.
Nvidia jumped 3.7% ahead of its keenly anticipated earnings report, viewed as a key proxy for the artificial intelligence industry, which has underperformed other sectors so far in 2025.
Stocks have been under pressure in recent days due to lackluster US economic data and worries about Donald Trump’s policies. During a cabinet meeting, the US president said he expects 25% tariffs on the EU.
The Dow Jones Industrial Average finished down 0.4% at 43,433.12.
The broad-based S&P 500 was flat at 5,956.06, while the tech-rich Nasdaq Composite Index gained 0.3% to 19,075.26.
“The market is a reflection of how people view the new administration and the uncertainty of its policies,” said Art Hogan of B. Riley Wealth.
Among individual companies, General Motors jumped 3.8% after unveiling a new US$6 billion share repurchase authorisation and lifting its quarterly divided by three cents a share.
Eli Lilly gained 1.5% after announcing it will build four additional new manufacturing sites in the US in a commitment aimed at influencing upcoming Trump administration decisions on trade and other issues.
US shares of BP fell 1.7% as it announced a major retreat from renewable energy in a pivot back to petroleum investments.
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