US equities pulled back and dropped lower on Wednesday, although the indices managed to come off their worst levels by the end of the day. The major averages climbed well off their worst levels in the latter part of the session but remained in the red. The tech-heavy Nasdaq slumped 198.79 points or 1.1 percent to 17,556.03, the S&P 500 slid 33.62 points or 0.6 percent to 5,592.18 and the Dow fell 159.08 points or 0.4 percent to 41,091.42.
The weakness on Wall Street partly reflected anxiety ahead of the release of market leader Nvidia's (NVDA) fiscal second quarter results after the close of trading. Shares of Nvidia tumbled by 2.1 percent on the day, more than offsetting the 1.5 percent jump seen during Tuesday's session. The consumer discretionary sector also lagged, with Tesla and Amazon each falling over 1.3%. In corporate news, Super Micro Computer tumbled 19% following the announcement of a delay in filing its annual report.
US treasuries showed a lack of direction over the course of the session as the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 3.841 percent. The Dollar index is lingering below 101 mark awaiting further economic data that could provide clarity on rate decision. Traders looked ahead to Friday's release of the Commerce Department report on personal income and spending in the month of July, which includes readings on inflation said to be preferred by the Federal Reserve.
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