Wall Street pulled back Wednesday as investors digested a mixed batch of economic signals and remained on edge ahead of Friday's May jobs report. The S&P 500 slipped roughly half a percent, the Nasdaq underperformed with a decline near 0.7%, and the Dow held up relatively better but still closed in the red. The mood across trading floors was cautious — not panicked, but far from confident.
The session's biggest drag came from the technology sector, where Nvidia dropped sharply after reports surfaced that the Biden-era chip export framework could face new layered restrictions under ongoing trade negotiations. That was enough to spook the broader semiconductor complex, pulling names like AMD and Broadcom lower in sympathy.
On the bright side, consumer staples offered a rare pocket of strength. Costco surged after the company released its monthly sales figures, showing that American shoppers are still showing up — especially for bulk essentials. The print reminded the market that not every corner of the economy is rolling over.
Gold continued to hover near multi-month highs above $3,145 as safe-haven demand persisted, while oil held steady around $74. The VIX ticked up modestly to 18.4, signaling that options markets are pricing in a bit more nervousness heading into the back half of the week.