NEW YORK, Aug. 28 (Xinhua) -- U.S. stocks pulled back on Wednesday, weighed down by declines in Nvidia, as investors awaited the chipmaker's upcoming earnings report.
The Dow Jones Industrial Average fell 159.08 points, or 0.39 percent, to 41,091.42. The S&P 500 sank 33.62 points, or 0.60 percent, to 5,592.18. The Nasdaq Composite Index shed 198.79 points, or 1.12 percent, to 17,556.03.
Nine of the 11 primary S&P 500 sectors ended in red, with technology and consumer discretionary leading the laggards by losing 1.30 percent and 1.05 percent, respectively. Meanwhile, financials and health led the gainers by rising 0.30 percent and 0.12 percent, respectively.
Art Hogan, chief market strategist at B. Riley Wealth Management, thought that Nvidia can deliver another upside surprise for investors.
"The reason one can feel confident rests with the fact that their largest customers have already reported and talked about how much they're spending on their chips," he said. "All of the hyperscalers spoke to massive amounts of capex spent on the amount they need to move forward with their AI strategies."
Nvidia shed 2.10 percent, and other technology stocks also declined on Wednesday, including members of the "Magnificent Seven" group. Amazon and Alphabet both dropped over 1 percent, while Microsoft fell 0.8 percent.
On the economic data front, U.S. mortgage applications rose by 0.5 percent from the previous week, according to the Mortgage Bankers Association's survey for the week ending Aug. 16. This modest increase came after a significant 10.1 percent decline the prior week, as experts believe homeowners are still hesitant and waiting for further changes in mortgage rates.
