The New York stock market fell on Wednesday.
Although U.S. President Donald Trump announced that a trade deal with China had been effectively reached, market investors took a wait-and-see approach as they awaited details of the agreement.
The S&P 500 and Nasdaq stopped their three-day winning streak.
Three-day Rally Comes to an End
All three major indices finished in negative territory.
The Dow Jones Industrial Average edged down 1.10 points (0.00%) to close at 42,865.77.
The S&P 500 shed 16.57 points (0.27%) to end at 6,022.24, while the Nasdaq Composite dropped 99.11 points (0.50%) to 19,615.88.
The CBOE Volatility Index (VIX), Wall Street’s fear gauge, climbed 0.31 points (1.83%) to 17.26.
Microsoft Gains Ground
Microsoft (MS) resumed its upward trajectory.
After an eight-day winning streak that pushed it to a record close of 472.75 USD on Monday, MS took a breather before advancing again this day.
MS finished up 1.70 USD (0.36%) at 472.62 USD.
Further gains were expected for MS after it recently formed a golden cross, a technical signal where the short-term 50-day moving average crosses above the long-term 200-day moving average.
As OpenAI’s primary backer, Microsoft is expected to grow based on the success of AI advancements.
Nvidia and Apple Retreat
Among the Magnificent Seven stocks, only Microsoft and Tesla posted modest gains.
Tesla, set to launch its autonomous taxi service in Austin, Texas on Thursday, saw initial enthusiasm following reports of test runs in the city.
However, the stock failed to maintain its early momentum.
After surging 2.9% to 335.50 USD in early trading, Tesla pared most of its gains to close up just 0.34 USD (0.10%) at 326.43 USD.
The remaining Magnificent Seven stocks, including Apple and Nvidia, all declined.
Nvidia slipped 1.12 USD (0.78%) to 142.83 USD, while Apple fell 3.89 USD (1.92%) to 198.78 USD.
Oracle Corporation
Oracle Corporation, a key AI-themed stock, struggled during regular trading but surged after hours following better-than-expected quarterly results.
It closed down 1.10 USD (0.62%) at 176.38 USD but jumped 12.70 USD (7.20%) to 189.08 USD in after-hours trading.
For its fiscal 2025 fourth quarter ending May 31, Oracle reported revenue of 15.9 billion USD, an 11% year-over-year increase that handily beat the market estimate of 15.59 billion USD.
Net income rose from 3.14 billion USD (1.11 USD per share) to 3.43 billion USD (1.19 USD per share) over the same period.
Adjusted earnings per share (EPS) of 1.70 USD also topped the consensus forecast of 1.64 USD.
The company’s outlook remained upbeat.
CEO Safra Catz projected that revenue growth in the cloud infrastructure segment for fiscal year 2026, which ends next May, would surpass the current quarter’s 52% growth rate and exceed 70%.
