Late rally helps markets finish higher

Wariness about tech sector remains a drag on Wall Street

NEW YORK — Stocks ended mostly higher Wednesday on Wall Street after a listless day of trading with big technology stocks again acting as a heavy weight on the market.

The S&P 500 rose 6.29 points, or 0.1 percent, to 4,981.80. The benchmark index spent much of the day in losing territory before climbing higher just before markets closed.

The Dow Jones Industrial Average also eked out a slight gain after losing ground most of the day. It rose 48.44 points, or 0.1 percent, to 38,612.24.

The technology-heavy Nasdaq composite fell 49.91 points, or 0.3 percent, to 15,580.87.

Earnings remained the big focus for Wall Street.

After markets closed, Nvidia reported earnings and revenue that beat Wall Street forecasts. The chipmaker has tripled over the past year thanks to a surge in investor enthusiasm over artificial intelligence.

Palo Alto Networks was a big loser and a heavy weight on the tech sector. The network security company sank 28.4 percent after giving forecasts for future billings that came in well below what analysts were looking for. Rival Fortinet slumped 3.8 percent.

Amazon rose 0.9 percent following an announcement that it would be added to the Dow. Walgreens Boots Alliance, which is leaving the Dow, fell 2.5 percent

Bond yields gained ground. The yield on the 10-year Treasury rose to 4.33 percent from 4.28 percent late Tuesday.

Technology stocks drove much of the market’s rally that brought it to record highs just last week. The sector is also showing some of the strongest earnings growth. Lopsided contributions from some of the bigger companies in the sector, however, have raised questions about whether the gains were overdone.

“In February we’re seeing some of that settle out as we try and get a better bead on how the full year is going to go,” said Rob Haworth, senior portfolio manager at U.S. Bank Wealth Management.

Several other companies made big moves after the release of their financial results. Electronic measurement technology company Keysight Technologies fell

6.7 percent after its profit forecast fell short of analysts’ expectations. Garmin, which makes personal navigation devices, jumped 8.8 percent after beating earnings forecasts.

Toll Brothers rose 3.9 percent after giving investors an encouraging financial update as it sees strong demand.