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FedEx ( FDX ) leaps after upbeat profit forecast

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Rivian up on Volkswagen joint venture

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Southwest Airlines ( LUV ) falls after results

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Dow down 0.41%, S&P 500 off 0.10%, Nasdaq up 0.19%

(Updated at 9:53 a.m. ET/1353 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

June 26 (Reuters) -

Wall Street's main indexes were mixed on Wednesday, with

technology stocks attempting to find a floor after recent

selloff, while investors awaited a crucial inflation report this

week to gauge the path of monetary policy.

AI chip leader Nvidia ( NVDA ) edged higher for a second day

after a selloff that wiped out $430 billion off its market value

and weighed on the broader technology sector. The stock was last

up 0.7%

The broader Philadelphia SE Semiconductor index

climbed 0.5%, with Micron Technology ( MU ) inching up 1% ahead

of its quarterly results due after the closing bell.

Apple ( AAPL ) rose 1.2% after Rosenblatt upgraded the

iPhone maker's stock to "buy" from "neutral."

"The market is trying to figure out in real time whether it

needs to focus on the biggest three stocks - Nvidia ( NVDA ), Apple ( AAPL ) and

Microsoft - or is it time for the other 497 stocks to take the

baton," said Art Hogan, chief market strategist at B Riley

Wealth.

"That's been the debate in markets over the course of

the last week or so, and that debate continues today. But I

don't think that question gets answered until we get into the

second-quarter earnings season."

Delivery giant FedEx ( FDX ) jumped nearly 13% after

forecasting fiscal 2025 profit above estimates.

Appliances manufacturer

Whirlpool

surged 12.4% after Reuters reported German

engineering group Robert Bosch is weighing a bid for the U.S.

appliances manufacturer.

The tech-heavy Nasdaq, the S&P 500 information

technology index and the Philadelphia chip index

all notched gains of more than 1% on Tuesday, marking a

rebound for the sectors that were instrumental in Wall Street's

rise to fresh record highs.

Several economic data releases are on tap this week,

leading up to Friday's release of the much-anticipated personal

consumption expenditures price index - the Federal Reserve's

preferred inflation gauge.

With the Fed projecting only one interest rate cut in

December, all eyes will be on whether the data shows an expected

moderation in price pressures.

Market participants see a near 60% chance of a 25-basis

point rate cut in September, and about two cuts by the year-end,

LSEG's interest rate probabilities app showed.

By 09:53 a.m. ET, the Dow Jones Industrial Average

fell 163.58 points, or 0.41%, to 38,948.58, the S&P 500

lost 5.66 points, or 0.10%, to 5,463.64 and the Nasdaq

Composite gained 32.60 points, or 0.19%, to 17,750.02.

Shares of major U.S. banks including JPMorgan Chase ( JPM ),

Citigroup ( C/PN ), and Bank of America ( BAC ) slipped between

0.9% and 1.2% ahead of the Fed's release of results from its

annual banking sector stress test.

The broader S&P 500 financial index fell 0.6%.

Rivian soared 33% as German automaker Volkswagen

said it will invest up to $5 billion in the U.S.

electric-vehicle maker.

Shares of Southwest Airlines ( LUV ) dropped 2.6% after the

company cut its forecast for second-quarter unit revenue, citing

uneven travel demand.

General Mills ( GIS )

dipped 5.4% after the Cheerios cereal maker

forecast annual profit below estimates and posted a

bigger-than-expected drop in quarterly sales, hurt by lower

demand for its snack bars and pet food, as well as higher input

costs.

On the Nasdaq, declining issues outnumbered advancers by

about a 1.77-to-1 ratio and on the NYSE by a 3.2-to-1 ratio.