Apple, Nvidia Losses Keep S&P 500, Nasdaq Flat as Fed's Rate Verdict Looms

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Apple, Nvidia Losses Keep S&P 500, Nasdaq Flat as Fed's Rate Verdict Looms

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

The S&P 500 and the Nasdaq treaded water on Wednesday, as losses in tech heavyweights Apple and Nvidia limited broader gains and investor focus turned to the US Federal Reserve's interest-rate decision, expected later in the day.

Markets widely expect the central bank to hold its lending rate steady in its decision, due at 2 p.m. ET.

"Without clarity on the macro impact of a range of government policies, primarily tariffs, but also on tax policy and the labor market impact of immigration policy, we think it's fair to expect limited guidance from the Fed today," Goldman Sachs economists said in a note.

At 9:46 a.m. ET, the Dow Jones Industrial Average rose 23.73 points, or 0.05%, to 44,874.08, the S&P 500 lost 16.71 points, or 0.26%, to 6,052.02, and the Nasdaq Composite lost 112.68 points, or 0.53%, to 19,628.68.

Six of the 11 S&P 500 sectors were in the red, with technology stocks leading declines with a 1.1% fall.

Nvidia dropped 3.3% after gaining close to 9% on Tuesday. Its shares were hammered on Monday, after Chinese startup DeepSeek launched AI models it said were cost-effective and ran on less advanced chips compared to OpenAI.

Apple shed 1.1% after brokerage Oppenheimer downgraded its rating to "perform" from "outperform". The iPhone maker is scheduled to report quarterly earnings later this week.

Of the 112 companies in the S&P 500 that have reported earnings so far, 75.9% reported numbers above analyst expectations, according to data compiled by LSEG.

Meanwhile, shares of semiconductor firms and related equipment makers advanced after Dutch firm ASML reported fourth-quarter bookings of 7.09 billion euros ($7.39 billion), far exceeding expectations.

KLA Corp rose 1.5%, Applied Materials was up 1.3%, Lam Research gained 0.5% and Micron Technology added 1.1% in morning trading.

The Nasdaq jumped 2% in the previous session, while the S&P 500 rose close to 1%, as Nvidia and other artificial intelligence-linked tech shares recovered somewhat from the steep losses suffered earlier in the week, Reuters reported.

Markets have been on edge due to worries around US President Donald Trump's proposed tariffs, which could exacerbate inflationary pressures and slow rate cuts.

The December reading of the personal consumption expenditures price index, a crucial metric in assessing the inflation trajectory, is due on Friday.

Among earnings, T-Mobile added 7.4% after the company forecast stronger-than-expected annual subscriber growth driven by increased demand for its affordable premium 5G plans.

Danaher shed 7.7% after the life sciences company missed estimates for fourth-quarter profit, due to soft demand for tools and services used in drug development by its biotech and pharmaceutical clients.

Earnings from Magnificent 7 stocks Microsoft, Facebook-parent Meta and Tesla are expected after markets close.

Cybersecurity and cloud services company F5 jumped 5.1% after forecasting second-quarter revenue above estimates and posting a first-quarter revenue beat.

Advancing issues outnumbered decliners by a 1.09-to-1 ratio on the NYSE, while declining issues outnumbered advancers by a 1.29-to-1 ratio on the Nasdaq.

The S&P 500 posted 18 new 52-week highs and two new lows, while the Nasdaq Composite recorded 36 new highs and 52 new lows.



KFSHRC Performs World’s First Robotic-Assisted BiVAD Implantation

The procedure was meticulously planned and benefited from 3D imaging technologies - SPA
The procedure was meticulously planned and benefited from 3D imaging technologies - SPA
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KFSHRC Performs World’s First Robotic-Assisted BiVAD Implantation

The procedure was meticulously planned and benefited from 3D imaging technologies - SPA
The procedure was meticulously planned and benefited from 3D imaging technologies - SPA

‏King Faisal Specialist Hospital and Research Center (KFSHRC) in Riyadh has performed the world’s first implantation of two artificial pumps for biventricular support (BiVAD-HMIII) using robotic technology on a patient with advanced heart failure.

According to a press release, this groundbreaking procedure opens new horizons in circulatory support techniques for patients with complex cardiac conditions, marking a significant medical achievement that culminated in the patient’s recovery within a short period following the surgery.

‏The procedure represents a major advancement in the treatment of bilateral heart failure, which was traditionally performed through full sternotomy, an approach associated with higher surgical risks and prolonged recovery.

The cardiac surgery team at KFSHRC, led by Prof. Feras Khaliel, successfully performed the operation through small incisions using remotely controlled high-precision robotic arms, resulting in reduced blood loss, lower risk of infection, and faster patient recovery.

The procedure was meticulously planned and benefited from 3D imaging technologies, real-time surgical navigation, and innovative solutions for safely securing the mechanical assist devices, added the release.

‏KFSHRC aims to publish the results of this procedure in peer-reviewed medical journals and present them at global cardiology conferences to promote knowledge exchange and establish innovative partnerships with leading international centers in robotic care and advanced heart failure management.

According to SPA, these milestones serve as evidence of its leadership in adopting cutting-edge cardiac technologies and managing critical conditions with the highest standards of precision and safety, further reinforcing its position as a leading academic medical center both regionally and globally.