Stock market today: Dow, S&P 500, Nasdaq resume slide as more bank earnings, fresh economic data roll in

Yahoo Finance’s Brian Sozzi writes:

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Cryptocurrencies jumped in late morning trading on Wednesday following the US Senate’s unveiling of draft legislation that would create rules for the crypto market — a move long awaited by the industry.

Bitcoin (BTC-USD) advanced 3.7% to break above $97,000 for the first time since November. Ethereum (ETH-USD) climbed more than 5%, while XRP (XRP-USD) and Solana (SOL-USD) rose nearly 3%.

Some crypto stocks benefited from the surge. Strategy (MSTR), the largest corporate holder of bitcoin, saw shares soar 7%, while shares in crypto exchange Coinbase (COIN) put on 3%itcoin miner Riot Platforms (RIOT) advanced 4%.

Yahoo Finance’s Claire Boston reports:

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Big Tech equities dropped across the board Wednesday.

The decline was led by a roughly 5% dip in Broadcom (AVGO) shares, followed by pullbacks in Tesla (TSLA) and Nvidia (NVDA).

The drops come as the tech-heavy Nasdaq Composite (^IXIC) led the market lower in late morning trading, sinking 1.6%. Meanwhile, the S&P 500 (^GSPC) was 1% lower, and the Dow Jones Industrial Average (^DJI) sank 0.6%.

The US Supreme Court did not rule on legal challenges to President Trump’s most sweeping tariffs on Wednesday, marking the latest opportunity for the country’s highest court to pass without a decision.

Investors will have to wait at least another week for a ruling that will have huge implications for companies bringing lawsuits against the government in the hopes of securing refunds for the import duties.

Trump has attempted to frame the case as a national security flashpoint on social media, saying in a Truth Social post that, if it rules against him, “WE’RE SCREWED!”

Saks Global filed for bankruptcy late on Tuesday. The company has struggled to pay for its $2.7 billion acquisition of Neiman Marcus in late 2024 and missed a $100 million interest payment.

The luxury retailer behind Saks Fifth Avenue and Bergdorf Goodman confirmed it filed for Chapter 11 bankruptcy and secured a financing commitment of roughly $1.75 billion.

Richard Baker, who began his CEO role just two weeks ago, stepped down on Tuesday after taking over the position from longtime executive Marc Metrick. Former Neiman Marcus CEO Geoffroy van Raemdonck will take the helm immediately. Saks also named a new chief commercial officer and chief of global brand partnerships.

“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” van Raemdonck said in a press release.

All locations of its stores will remain open throughout the bankruptcy process, which the company hopes to emerge from.

Saks isn’t alone in facing a tougher operating environment, as consumers remain worried about rising prices and turn to off-price retailers in search of value.

Many known retailers like Macy’s (M) and Kohl’s (KSS) have closed some of their stores in the near term, while other retailers such as Joann Fabrics, Party City, Forever 21, and Rite Aid have also fallen into bankruptcy. The Container Store emerged from its bankruptcy filing.

Stocks fell at the market open on Wednesday as investors overlooked upbeat bank earnings and absorbed fresh inflation data while eyeing a potential Supreme Court ruling on tariffs as well as signs of potential US military action on Iran.

The tech-heavy Nasdaq Composite (^IXIC) slid 0.8%, while the S&P 500 (^GSPC) fell nearly 0.6%. The Dow Jones Industrial Average (^DJI) moved down around 0.2%, as a pullback in financial stocks dragged Wall Street indexes off record highs.

Nvidia (NVDA) shares moved fractionally lower in premarket trade Wednesday as Reuters reported that Chinese customs authorities are not allowing the entrance of the tech giant’s H200 AI chips into the country.

Simmering — at some points boiling — geopolitical tensions between the US and China have disrupted Nvidia’s sales to what was once, in the not-so-distant past, the chipmaker’s second-most important market.

While initial disruption came from the US government as Trump restricted Nvidia’s lowest-end AI chip sales to the country during the launch of his administration’s trade war in April 2025, the president reversed his stance after intense lobbying by CEO Jensen Huang. But Trump’s request for a kickback from Nvidia’s China sales turned off officials in Beijing, who began clamping down on imports.

Trump relaxed his posture further in the last two months, saying he would allow Nvidia to export higher-power H200 chips to China in exchange for a cut of those sales. The US formally approved H200 exports to the country with some conditions on Tuesday.

But China’s restrictions complicate Nvidia’s path into what CEO Huang has said is a $50 billion AI market.

“Officials are prioritizing domestic chip development, even though Chinese processors still lag in training large scale AI models, making the H200 hard to replace,” wrote Hedgeye Risk Management analysts in a note to clients Wednesday.

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The Producer Price Index (PPI) for November, released Wednesday after a delay due to the US government shutdown last fall, showed prices for final goods and services purchased by businesses rose 0.2% during the month after edging up 0.1% in October. The uptick was as projected by economists tracked by Bloomberg.

The change was driven by a 0.9% increase in prices for final goods, or finished products — marking the largest jump since February 2024, according to the US Bureau of Labor Statistics. The increase was fueled by prices for gasoline, which soared 10.5% during the month. Excluding food and energy, the prices of goods rose just 0.2%.

Year-over-year, the PPI showed wholesale inflation coming in at 3%, more than the 2.7% expected by economists. Excluding food, energy and trade services, prices for final demand goods and services rose 3.5% — the biggest climb since March 2025 and more than the 2.9% projected.

A delayed release from the US Census Bureau on Wednesday showed retail and food services sales totaled $735.9 billion in November, up 3.3% from the year-ago period and 0.6% from the previous month. The month-over-month change was greater than the 0.5% uptick projected by economists tracked by Bloomberg.

The gain was driven by a resurgence in auto sales in November.

Meanwhile, total sales from September through November were also 3.6% higher than the previous year.

OpenAI (OPAI.PVT) has been leading the AI race for some time and was hoping to announce a deal with Apple (AAPL) last year, but the launch of Alphabet’s (GOOG, GOOGL) Gemini 3 and a new deal with the iPhone maker may have changed things.

Yahoo Finance’s Laura Bratton looks at how Google’s new deal with Apple may be a big loss for OpenAI.

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Infosys (INFY) stock climbed higher by 2% before the bell on Wednesday after reporting better-than-expected third-quarter revenue, helped by a pickup in tech demand from ​its financial services clients.

Reuters reports:

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Intel (INTC) stock rose 3% before the bell on Wednesday following its upgrade from Keybanc analysts on Tuesday.

Rivian (RIVN) shares fell 3% during premarket trading on Wednesday. The US automaker was downgraded by analysts at UBS to Sell from Neutral. UBS raised its price target for the electric vehicle company to $15 from $13.

Cybersecurity firms Palo Alto (PANW) and Fortinet Inc. (FTNT) both edged lower by 3% before the bell following a report in Reuters that Chinese authorities have told domestic companies to stop using cybersecurity software made by around a ​dozen firms from the US and Israel due to national security concerns.