LIVE MARKETS-US stocks mixed as tech weakness continues

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US STOCKS MIXED AS TECH WEAKNESS CONTINUES

U.S. stocks are mixed in the early stages of trading on Wednesday, with the Dow .DJI advancing while the S&P 500 .SPX and Nasdaq .IXIC are weak, weighed down by yet another drop in tech stocks.

Gains in the Dow are being supported by a jump of more than 6% in Amgen AMGN.O after the drugmaker's Q4 results came in above expectations.

Tech .SPLRCT is among the worst performing of the 11 major sectors, with chipmakers in particular showing weakness. Nvidia NVDA.O, Advanced Micro Devices AMD.O and Broadcom AVGO.O are the three biggest drags on the benchmark S&P 500 and the Philadelphia Semiconductor index .SOX is off more than 2%.

AMD is slumping more than 14% after the company's softer sales forecast raised worries about whether the company can effectively compete with rival Nvidia.

Weakness in software names also continued, with the S&P 500 software and services index .SPLRCIS down for a sixth straight session. The index has tumbled over 13% during that time frame, its largest percentage drop since March 2020.

In the wake of Tuesday's tech selloff, Jeffrey Favuzza on the equities trading desk at Jefferies said in a note that the percentage of tech stocks now showing as oversold on a 14-day RSI basis is at the highest level since the tariff announcement in the spring of 2025 but "the difference between today and in prior weeks is this time around we’ve started to see this bleed over into IT Services, Internet, and certain pockets of Media."

Below is your market snapshot:

(Chuck Mikolajczak)

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