The benchmark S&P 500 and Nasdaq indexes hit new closing highs for the second straight day on Wednesday on hopes that the Federal Reserve was getting close to a monetary easing cycle.

But the market reflected weakness in some technology stocks after the previous day's strong gains.

Market Snapshot

The Dow Jones Industrial Average fell 151.95 points, or 0.36%, to 42,392.27, the S&P 500 lost 13.08 points, or 0.22%, to 5,868.55 and the Nasdaq Composite lost 30.00 points, or 0.16%, to 19,280.79.

Market Movers

Bullish, the crypto exchange and news provider,opened for trading Wednesdayat $90, 143% above its initial public offering price of $37. At last check, the stock was up 84% to $68. The owner of CoinDesk will raise more than $1.1 billion from its sale of 30 million shares.

Some large technology stocks including Nvidia, Alphabet and Microsoft - among the so-called Magnificent Seven stocks - closed lower as investors searched for new growth drivers.

"Valuations are elevated. I do think, though, at the end of the day, the key will be the delivery of earnings, and that's what we're seeing," said Katherine Bordlemay, co-head of client portfolio management, fundamental equities at Goldman Sachs Asset Management.

Apple rose 1.6% after Bloomberg News reported the company is plotting expansion into AI-powered robots, home security and smart displays.

Advanced Micro Devices stock rose 5.41% to a 52-week high. The stock, currently trading at $184.42 and commanding a market cap of $299.82 billion, has shown remarkable momentum with a 56% surge over the past six months. Mizuho has raised its price target on AMD to $205 from $183 while maintaining an Outperform rating, citing continued growth in hyperscaler capital expenditure and additional tailwinds from China.

CoreWeave, the artificial-intelligence cloud vendor, reported a wider-than-expectedsecond-quarter lossbut revenue of $1.21 billion that rose from $395.4 million a year earlier and beat expectations of $1.08 billion. "We are scaling rapidly as we look to meet the unprecedented demand for AI," said Chairman and CEO Michael Intrator. The company said it anticipates full-year revenue of between $5.15 billion to $5.35 billion, higher than consensus of $5.05 billion consensus. Shares, however, fell 21%.

U.S.-listed shares of Chinese technology stocks like Alibaba up 3.6%, Baidu up 3.7%, and JD.com up 1.2%, rose on increased expectations for a U.S. interest-rate cut next month.

Paramount Skydance rose 37%, making it the top-performing stock in the S&P 500 on Wednesday. Paramount and Skydance completed their merger last Thursday and CEO David Ellison has moved quickly striking major deals, including a seven-year agreement with TKO Group Holdings that will give Paramount exclusive media rights to all Ultimate Fighting Championship events in the U.S.

Cava Group tumbled 17% after reportingsecond-quarter same-restaurant sales growthof 2.1%, well below analysts ’ estimates for growth of 6.1%, and cutting its full-year growth forecast on the sales metric to 4% to 6% from previous guidance of 6% to 8%. CEO Brett Schulman told Dow Jones Newswires that consumers were "dealing with a lot of headwinds, a lot of fog and uncertainty."

Webtoon Entertainment jumped 81% after the online-comic platform reached a deal with Walt Disney to put brands like Marvel and Star Wars on Webtoon ’ s mobile format. Webtoon also reported quarterly earnings that beat expectations on both the top and bottom lines.

Sapiens International rose 44% to $42.56 after agreeing to be acquired by private-equity investor Advent for $2.5 billion, or $43.50 a share. The software company said the transaction is expected to close in the fourth quarter of 2025 or the first quarter of 2026.