Super Micro Computer, JM Smucker, Nvidia and more

The Dow, S&P 500 and Nasdaq fell midday on Wednesday, with the technology sector leading losses ahead of the release of earnings from artificial intelligence (AI) chipmaker Nvidia (NVDA) after the market closed.

Nvida shares lost ground, as did shares of other “Magnificent Seven,” including Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL), Meta Platforms (META), and Amazon (AMZN).

Super Micro Computer (SMCI) shares plunged after the company announced it would delay its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC). The news came a day after Hindenburg Research published a report accusing the company of accounting abnormalities and disclosing a short position.

Shares of JM Smucker (SJM) also fell after the maker of jam, peanut butter, coffee and other food products reported sales below forecasts and revised its forecast down, saying inflation had caused consumers to cut spending on nonessential goods.

Abercrombie & Fitch (ANF) shares fell after CEO Fran Horowitz warned of an “increasingly uncertain environment.”

Kohl’s (KSS) shares jumped after the retailer beat earnings estimates and raised its forecast amid cost and inventory reductions.

Chewy (CHWY) shares soared as the online pet supplies retailer’s earnings beat forecasts as it reported record active customer sales.

Oil and gold futures fell. The yield on the 10-year US Treasury note remained little changed. The US dollar gained against the euro, the pound and the yen. The prices of most major cryptocurrencies lost ground.