US shares edged lower on Wednesday, snapping two straight sessions of gains, while oil prices rose amid supply concerns as OPEC+ left production unchanged and as U.S. authorities barred Chevron from exporting Venezuelan crude.

Market Snapshot

The Dow Jones Industrial Average fell 0.58% to 42,098.70, the S&P 500 fell 0.56% to 5,888.55 and the Nasdaq Composite fell 0.51% to 19,100.94. Unity Software Inc. rose 13%, Tempus AI fell 19%.

Market Movers

Shares of Tesla Motors slipped 1.6%, a day after the electric-vehicle maker rose 6.9% even as data showed the company's sales in Europe slumped 49% in April. CEO Elon Musk provided the stock with a boost, saying on social-media platform X over the weekend that he was "back to spending 24/7 at work and sleeping in conference/server/factory rooms." Coming into Wednesday, Tesla shares have risen more than 50% since the company's first-quarter earnings report on April 22.

GameStop fell 11% after the videogame retailer made its first Bitcoin purchase, snapping up 4,710 Bitcoin. The company's announcement was light on details, but based on the current price of the world's largest cryptocurrency, GameStop's holdings are valued at over $5.12 million.

Okta Inc. reported first-quarter earnings and revenue that beat analysts' estimates, but shares sank 16% after the cloud-based software and identity-access solutions company maintained guidance for the fiscal year, disappointing investors. Okta said it was factoring "in potential risks related to the uncertain economic environment for the remainder" of its fiscal 2026. The company previously had said it expected fiscal-year revenue of between $2.85 billion and $2.86 billion.

Joby Aviation, Inc. soared 29% after closing on the first $250 million payment of a previously disclosed partnership with Toyota. Joby is a maker of electric air taxis.

Box Inc., the cloud-storage company, reported better-than-expected first-quarter earnings and issued guidance for its second quarter and fiscal year that also topped Wall Street estimates. Box said it expects fiscal-year sales up 7% to $1.165 billion to $1.17 billion, higher than previous guidance of $1.155 billion to $1.16 billion. Shares surged 17%.

Trump Media & Technology, President Donald Trump's media company, fell 6.8%. The stock declined 10% on Tuesday after Trump Media said it plans to raise $2.5 billion and use the proceeds to create a Bitcoin treasury. The issuance of new shares will dilute the holdings of present owners, including shares held by the Trump family, pushing its share of the stock -- and the votes that come with it -- below 50% for the first time.

Market News

Nvidia Shares Rise as Sales Hit from China Export Curbs Not as Bad as Feared

NVIDIA beat quarterly sales expectations as customers stockpiled its AI chips before fresh U.S. curbs on China exports took effect, but the same restrictions will slice off $8 billion in sales from the company's current quarter, forcing the company to offer a forecast below Wall Street estimates on Wednesday.

Shares of the world's most valuable semiconductor firm still rose 5% in extended trading as investors digested news that the hit in the current fiscal second quarter was not as bad as feared, and Nvidia talked up demand for its new Blackwell chips from customers including Microsoft. The stock is relatively flat so far this year, compared with 2024 when the shares nearly tripled in value. Nvidia now faces trade restrictions on what it can sell, and the AI data center market is also maturing.

US Court Blocks Trump's Sweeping Tariffs, Citing Overreach of Authority

A U.S. trade court on Wednesday blocked President Donald Trump's tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.

The Manhattan-based Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy.

US Restricts Chip Design Software Sales to China, Sources Say

The U.S. has ordered companies that offer software used to design semiconductors to stop selling to China without first getting an export license, two people familiar with the situation said.

Electronic design automation software makers, which include Cadence Design, Synopsys and Siemens EDA, were sent notifications by the Commerce Department to cease supplying their technology, one of the people said.

Tesla Targets June 12 Launch for Robotaxi Service in Austin, Bloomberg News Reports

Tesla Motors is poised to begin its long-awaited robotaxi service in Austin on June 12, Bloomberg News reported on Wednesday, citing a person familiar with the matter.

The date has been discussed internally and could still change, the report added.

Musk Says His Scheduled Time as a Special Government Employee Is Coming to an End

Musk says that as my scheduled time as a Special Government Employee comes to an end, I would like to thank President Donald Trump for the opportunity to reduce wasteful spending and the DOGE mission will only strengthen over time as it becomes a way of life throughout the government.