U.S. equities declined for the third consecutive day on Wednesday, with investors anticipating Nvidia’s upcoming quarterly earnings report.
Shares of Palo Alto Networks plummeted by over 24% following the cybersecurity firm’s downward revision of its full-year revenue forecast. SolarEdge Technologies also experienced a significant drop of more than 17% due to weak first-quarter guidance.
The Nasdaq and S&P 500 were negatively impacted by a decline in Nvidia’s stock price, which dipped more than 4% on Tuesday and an additional 2% on Wednesday. Concerns surrounding Nvidia’s elevated valuation have intensified ahead of the company’s earnings announcement scheduled for after the market closes on Wednesday. Nvidia’s stock has surged approximately 225% in the past year.
Source (CNBC)
