Stock market today: Live updates

Stocks were set to struggle again on Wednesday as investors evaluate their holdings following a booming first half of the year led by AI plays. The S&P 500 was on track for its fourth losing day in the last five as it closes out a six-month gain of nearly 15%.

Nasdaq 100 futures fell 0.1%, while S&P 500 futures inched down 0.2%. Futures tied to the Dow Jones Industrial Average dropped 100 points, or 0.2%.

FedEx popped 14% after issuing adjusted earnings that surpassed estimates in the fiscal fourth quarter. Rivian Automotive soared 36% after Volkswagen Group said it would invest up to $5 billion in the electric vehicle company.

Nvidia pulled back 1.2% in premarket trading Wednesday after climbing 7% on Tuesday, its first positive day in four. The artificial intelligence chipmaker’s $3.1 trillion market value has come to dominate the cap-weighted S&P 500, and its 154% surge in 2024 has raised concerns that most other stocks are failing to participate in this year’s rally.

Investors began to shift their attention toward fresh inflation data on Friday with the release of May’s personal consumption expenditures price index. The Federal Reserve keeps a close eye on its preferred inflation gauge, and investors are hopeful that the central bank will lower interest rates at some point later this year if price increases continue to moderate.

In Tuesday’s regular trading, both the S&P 500 and the Nasdaq Composite ended three days of declines, buoyed by a bounce in Nvidia shares. The 30-stock Dow was the laggard of the three major averages, sliding nearly 300 points.

“We still think it’s too early to write off the rest of the market in favor of the large-cap tech and Nvidia especially,” Bespoke Investment Group co-founder Paul Hickey said on CNBC’s “Closing Bell: Overtime” on Tuesday. “We look for the market to broaden out, but it’s not necessarily a binary choice between megacaps and smaller caps, but more bias going forward to looking at these other companies in the S&P 500.”