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FedEx ( FDX ) leaps after upbeat profit forecast

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Nvidia ( NVDA ) falls, drags chip stocks

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Rivian up on Volkswagen joint venture

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Amazon ( AMZN ) crosses $2 trillion in market value

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Indexes up: Dow 0.06%, S&P 0.05%, Nasdaq 0.37%

(Updated at 12:32 p.m. ET/1632 GMT)

By Ankika Biswas and Lisa Pauline Mattackal

June 26 (Reuters) -

Wall Street's main indexes were flat to higher in choppy

trading on Wednesday, with technology stocks attempting to find

a floor after a recent selloff, while investors awaited a

crucial inflation report this week to gauge the path of monetary

policy.

Chip leader Nvidia ( NVDA ) reversed early gains to fall

1.1%, with its losses weighing on the broader Philadelphia SE

Semiconductor index, which fell 0.5%.

The S&P 500 information technology index edged

0.3% higher in another volatile session for the sector, which is

instrumental in Wall Street's rise to fresh record highs this

year as investors questioned whether other sectors offered

better opportunities.

"It's been four days in a row where the Dow and Nasdaq

have gone in opposite direction, which really hammers home the

kind of indecision we're seeing," said Ryan Detrick, chief

market strategist at the Carson Group.

Positive earnings and better inflation data could

trigger more rotation from tech to sectors that have lagged

broader gains this year, Detrick said.

Apple ( AAPL ) rose 2.4% after Rosenblatt upgraded the

iPhone maker's stock to "buy" from "neutral", while Tesla jumped

3.5% to a nearly two-month high.

Meanwhile, shares of Amazon Inc leapt 3.5%,

bringing the company's market value above $2 trillion, the fifth

U.S. corporation to cross that level.

"We're probably going to see this choppiness continue

until there is a catalyst," said Brian Jacobsen, chief economist

at Annex Wealth Management.

Delivery giant FedEx ( FDX ) jumped 14% after forecasting

fiscal 2025 profit above estimates, boosting the Dow Jones

Transport index to its highest in over a month.

Appliances manufacturer

Whirlpool

surged 14.1% after Reuters reported that German

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

appliances maker.

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 62% 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.

At 12:32 p.m. ET, the Dow Jones Industrial Average

was up 22.65 points, or 0.06%, at 39,134.81, the S&P 500

was up 2.87 points, or 0.05%, at 5,472.17, and the Nasdaq

Composite was up 65.81 points, or 0.37%, at 17,783.47.

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

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

0.2% and 0.7% 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 22.5% as German automaker Volkswagen

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

electric-vehicle maker.

General Mills ( GIS ) dipped 4.7% after the Cheerios cereal

maker forecast annual profit below estimates and posted a

bigger-than-expected drop in quarterly sales.

Declining issues outnumbered advancers for a 1.85-to-1 ratio

on the NYSE. Declining issues outnumbered advancers for a

1.22-to-1 ratio on the Nasdaq.

The S&P index recorded nine new 52-week highs and four new

lows, while the Nasdaq recorded 28 new highs and 142 new lows.