Stocks slump on Wall Street after a morning rally evaporates

NEW YORK — Wall Street slumped after a morning rally evaporated, but the losses weren’t as bad as the manic moves that wracked markets worldwide over the last week. The S&P 500 fell 0.8% Wednesday. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite dropped 1%. Stocks swung lower as Nvidia, one of Wall Street’s most influential companies, went from a morning gain to a loss of 5.1%, making it the heaviest weight on the S&P 500.

A profit report from Super Micro Computer, whose stock more than quadrupled in the first two and a half months of the year, helped further mar excitement around AI. Even though its revenue soared 143% in the latest quarter, profit for the company that sells server and storage systems used in AI and other computing fell short of analysts' high expectations. Its stock tumbled 19.4%.

Speaking to business leaders in the northern island of Hokkaido, Shinichi Uchida, deputy governor of the Bank of Japan, acknowledged the recent market turmoil, which was also triggered in part by concerns about the slowing U.S. economy. But it also highlights how risks may remain, suggesting there’s still room left for the popular “carry” trade to unwind and that some hedge funds and other investors may “still remain offsides,” according to John Lynch, chief investment officer for Comerica Wealth Management.

The other thing Cronk checks is the two-year Treasury yield, which he says shows where the market wants or needs the Federal Reserve to take its main interest rate.

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