Intel Stock Retreats; Analog Devices Jumps After Strong Earnings

Major U.S. equities indexes were mixed on Wednesday as tech stocks slid and minutes from the latest Federal Reserve meeting highlighted policymakers’ concerns about tariffs and inflation.

The S&P 500 lost 0.2% Wednesday, marking the fourth straight losing session for the benchmark index. The tech-heavy Nasdaq fell 0.7%, while the Dow ended with a gain of less than 0.1%.

Intel (INTC) stock gave back some of its recent gains, dropping 7% to log the S&P 500’s weakest performance on Wednesday as discussions about the U.S. government possibly acquiring an equity stake remained in focus. The drop reversed the stock’s jump yesterday after the announcement of a major investment by Japanese investment firm SoftBank (SFTBY).

Shares of Micron Technology (MU) and other chipmakers with CHIPS Act grants also fell, following reports the Trump administration could look to strike similar deals with them as the one it’s weighing with Intel. Micron shares lost 4%.

Shares of Target (TGT) slipped 6.3% after the retailer said that CEO Brian Cornell would step down. Target tapped Michael Fiddelke—its current chief operating officer and a company veteran who has played a key role in plans to reshape operations—to take over the CEO role effective early next year. The announcement of the leadership change came as Target reported a decline in sales, though they topped analysts’ expectations, and profits that matched estimates.

Analog Devices (ADI) shares avoided the downward pressure on the broader semiconductor industry, surging 6.3% to notch the S&P 500’s strongest daily gain. The manufacturer of sensor and power management chips topped quarterly earnings estimates, and provided a better-than-expected outlook. The company highlighted resilient demand trends despite trade-related uncertainty.

Medtronic (MDT) shares added 3.7% after the medical device maker announced that it would add two new members to its board of directors following the accumulation of a significant position by activist investor Elliott Management. UBS and Wells Fargo lifted their price targets on Medtronic stock following the news.

Shares of agribusiness and food products giant Bunge (BG) gained 3.1% as JPMorgan kicked off coverage of the stock with an “overweight” rating. Analysts indicated that the company could be set to benefit from policies related to biofuels in the U.S. potentially boosting demand for soybean oil. The firm also suggested efficiencies stemming from the acquisition of Netherlands-based Viterra could help drive Bunge’s earnings growth.