Stock Market Today: S&P 500 closes lower as rebound fades

Investing.com -- The S&P 500 reversed early-day gains to close Wednesday, as a slump in Super Micro Computer pressured chips stocks, weighing on the broader market.) stock fell 20% after the data center operator's June quarter earnings missed estimates, raising more concerns over just how much demand the artificial intelligence industry was generating.

The resilience of S&P 500 earnings remains intact despite growing recession fears and recent negative price action, Citi strategists said in a Wednesday note. Overall, the strategists maintain confidence in their $250 EPS forecast for the S&P 500 in 2024, which is slightly higher than the current bottom-up consensus of around $243.

"The bigger issue will be with 2025 earnings should more pronounced macro slowing unfold during the remainder of this year. But, again, we expect more resilience versus history."That said, sentiment towards risk-driven assets remained frail amid persistent concerns over slowing growth and middling earnings.

“So while market stress is noticeably higher than a week ago, our FSI suggests that there have been no serious market disruptions to date that would force policymakers to intervene."Scan QR code to install app

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