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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 0.04%, S&P 500 0.04%, Nasdaq 0.16%

(Updated at 09:41 a.m. ET/1341 GMT)

By Johann M Cherian and Purvi Agarwal

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

little changed on Wednesday ahead of Nvidia's ( NVDA ) earnings report,

with focus 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 marginally. 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 Qualcomm ( QCOM ) and Advanced

Micro Devices ( AMD ) edged lower, with the Philadelphia SE

Semiconductor index down 0.2%. The broader tech sector

fell 0.4%.

Megacaps such as Meta, Microsoft ( MSFT ) and

Alphabet were down marginally.

At 09:41 a.m. the Dow Jones Industrial Average fell

16.08 points, or 0.04%, to 41,234.42, the S&P 500 lost

2.28 points, or 0.04%, to 5,623.52, and the Nasdaq Composite

lost 28.90 points, or 0.16%, to 17,725.92.

Six of the 11 S&P 500 sectors were lower, led by a 0.7% drop

in energy stocks as crude prices fell more than 1%.

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 65.5%,

while those of a 50-bps cut are at 34.5%, 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.

Comments on the economic outlook from voting member and

Atlanta Fed President Raphael Bostic, due later in the day, will

also be closely watched.

The market value of billionaire Warren Buffett's

conglomerate Berkshire Hathaway ( BRK/A ) surpassed $1 trillion.

Super Micro Computer ( SMCI ) tumbled 18% 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.

Declining issues outnumbered advancers for a 1.76-to-1 ratio

on the NYSE and a 1.8-to-1 ratio on the Nasdaq.

The S&P 500 posted 35 new 52-week highs and one new low,

while the Nasdaq Composite recorded 26 new highs and 27 new

lows.