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Berkshire Hathaway ( BRK/A ) hits $1 trln in market value for first

time

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Super Micro Computer ( SMCI ) falls on delaying annual report

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Indexes off: Dow 0.33%, S&P 500 0.63%, Nasdaq 1.21%

(Updated at 11:49 a.m. ET/ 1549 GMT)

By Johann M Cherian and Purvi Agarwal

Aug 28 (Reuters) - Wall Street's main indexes were lower

on Wednesday ahead of Nvidia's ( NVDA ) earnings, with the Nasdaq leading

declines, as focus was squarely on if the recent bull market

rally that was led by the AI chip firm and other tech-related

shares can be sustained.

The three main indexes have swung between small gains and

losses this week, with the Dow drifting near a record

high and the S&P 500 within 1% of an all-time peak, as

investors await Nvidia's ( NVDA ) results after the bell.

The chip designer's shares were down 2.5%. Options pricing

shows traders anticipate a move of around 9.8% in Nvidia's ( NVDA )

shares on Thursday, a day after it reports earnings, data from

analytics firm ORATS showed.

Any disappointment in Nvidia's ( NVDA ) results could hurt megacaps

and other semiconductor stocks, which have led 2024's rally on

the prospect of artificial intelligence integration boosting

corporate profits.

"Investors are a little nervous about what they're going to

see and hear from Nvidia ( NVDA ) ... since expectations have been so

high, you sort of wonder how much better can it get," said Sam

Stovall, chief investment strategist at CFRA Research.

"The news itself will be driving not only Nvidia's ( NVDA ) shares,

but the technology sector and the overall market."

Other chip stocks such as Broadcom ( AVGO ) and Advanced

Micro Devices ( AMD ) fell 1.7% and 2.9%, respectively, with the

Philadelphia SE Semiconductor index down 1.9%.

All the growth stocks were in the red, with Meta

down 0.7%, Microsoft ( MSFT ) lower by 1.1% and Alphabet

declining 1.3%.

At 11:49 a.m. ET, the Dow Jones Industrial Average

was down 137.89 points, or 0.33%, at 41,112.61, the S&P 500

was down 35.66 points, or 0.63%, at 5,590.14, and the

Nasdaq Composite was down 214.22 points, or 1.21%, at

17,540.60.

Six of the 11 S&P 500 sectors were lower, led by a 1.5% drop

in technology stocks.

However, bank stocks rose more than 1%, with Wells

Fargo ( WFC ) and Bank of America ( BAC ) up over 1% each.

Optimism continued to prevail that the U.S. Federal Reserve

will lower interest rates at its September meeting after Fed

Chair Jerome Powell's support for imminent policy adjustment

last week that had sparked broad-based market gains.

Odds of a 25-basis point reduction currently stand at 63.5%,

while those of a 50-bps cut are at 36.5%, according to the CME

Group's FedWatch Tool.

The Personal Consumption Expenditure report for July, due on

Friday, is expected to provide further insight into the pace and

magnitude of the central bank's rate-cut trajectory.

Super Micro Computer ( SMCI ) tumbled 24.8% after the AI

server maker said it would delay the filing of its annual report

for the fiscal year ended June 30, a day after Hindenburg

Research disclosed a short position in the company.

The market value of billionaire Warren Buffett's Berkshire

Hathaway ( BRK/A ) surpassed $1 trillion, with the conglomerate's

class B shares rising 0.8%.

Declining issues outnumbered advancers for a 1.47-to-1 ratio

on the NYSE and a 2.00-to-1 ratio on the Nasdaq.

The S&P index recorded 73 new 52-week highs and one new low,

while the Nasdaq recorded 63 new highs and 68 new lows.