Key takeout
As the ceasefire between Iran and Israel appeared to be stable, the US major equity indexes were mixed in mid-week sessions, indicating that President Donald Trump will hold a meeting with Iran next week.
Investors were also monitoring the second day of Congress testimony from Federal Reserve Preparatory Committee Chairman Jerome Powell.
The S&P 500 was essentially flat on Wednesday, finishing just a few of the points below the closure level of the previous session, remaining the highest ever. The Dow slipped 0.3%, while the Nasdaq closed 0.3% higher.
Stocks in artificial intelligence semiconductor giant Nvidia (NVDA) jumped 4.3%, lifting the stock to the highest closure of all time, bringing the company back to the top spot on the list of the world’s most valuable companies due to its market capitalization. Profit on Wednesday predicted a “golden wave” in adoption of generated AI technology, as Bank of America analysts highlighted NVIDIA’s leadership in the AI ​​market, with Loop Capital analysts raising price targets for NVIDIA stocks.
Paychex (PayX) stock fell 9.4%, losing the most of the S&P 500 stocks. Revenues rose 10% from the same period last year, but the majority of these profits came from human capital management, which closed in April, or the acquisition of HCM of software company PayCor. Paychex also provided sales and profit guidance for the year that was below the consensus estimate. Shares in fellow HCM software providers PAYCOM (PAYC), DayForce (Day) and Automatic Data Processing (ADP) all fell by more than 4%.
Serial maker General Mills (GIS) missed its fourth quarter sales estimate and forecast an unexpected decline in profits for fiscal year 2026, with its stock down 5.1%. The company’s decline in its North American retail segment focused on the results. The parent companies of Cheerios and Bisquick Baking Mix predict that the uncertain macroeconomic environment will continue to affect consumers. CEO Jeff Harmenting said General Mills intends to focus on reinvigorating the growth of volume-driven organic sales.
Tesla shares slipped 3.8% after the European Association of Automobile Manufacturers reported that new car registrations in the European Union fell by more than 40% year-on-year in May. This marked the region’s fifth consecutive month of decline despite consistently moving higher electric vehicle registrations across batteries.
Super Micro Computer (SMCI) shares rose 8.8%, recording the highest daily performance on the S&P 500. With profits on Wednesday, Stock curbed a sudden loss posted a week ago after the server maker announced plans to issue $2 billion in convertible notes. The news of the offering raised concerns about dilution of potential shares, but Super Micro said it would devote a portion of its revenue to a cap call transaction designed to mitigate the effects of dilution.
Northern Trust (NTRS) shares rose 4.8%, with expanded profits published earlier this week following news that New York Mellon Bank (BK) has approached less wealth and asset management companies on a potential merger. Additional reports on Wednesday show that talks between the two companies have been occurring for months, and while Northern Trust says it is committed to being independent, it suggests that there may be more negotiations lined up than previously believed.
