Overnight Microsoft (NASDAQ: MSFT) received a rather uncommon price target: not applicable. Specifically, KeyBanc's Jackson Ader removed the technology giant's previous target of $575 due to heightened sector and overall uncertainty.
Markets dropped as Nvidia and the Federal Reserve headlines shook investor confidence. Nvidia is anticipating a $5.5 billion hit due to export rules on H20 AI chips to China.
Microsoft (MSFT -3.67%) had one of its more forgettable sessions on the stock market Wednesday, with its share price melting by 3.7% at closing time. Yet this had less to do with its own operations, and more to do with a move by a business in which it's invested.
The day-to-day volatility for the S&P 500 settled down on Monday and Tuesday. But two-thirds of stocks in the U.S. large-cap benchmark index have declined this year, with 220 of the 500 stocks down at least 10% and 82 down at least 20%.
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