Major United States benchmarks traded in a mixed fashion on Tuesday (Wednesday AEST), pressured by broad weakness in technology shares, while the Dow Jones Industrial Average briefly touched an intraday record before ending little changed.
The Dow rose 10.45 points, or 0.02%, to finish at 44,922.3, the S&P 500 fell 37.8 points, or 0.6%, to 6,411.4, while the Nasdaq Composite dropped 314.8 points, or 1.5%, to close at 21,315.0.
Megacap technology names and chipmakers drove losses. Nvidia shed 3.5%, Advanced Micro Devices tumbled 5.4%, and Broadcom declined 3.6%.
Software company Palantir was the S&P 500’s worst performer, sinking 9.4%.
Additionally, Tesla lost 1.8%, Meta Platforms sank 2.1% and Netflix shed 2.5%.
In earnings news, Home Depot advanced 3% after reaffirming its full-year guidance despite posting results slightly below market expectations on both profit and revenue.
Investors now turn to upcoming reports from Lowe’s, Walmart and Target for further clues on consumer spending resilience amid a mixed inflation backdrop and ongoing shifts in U.S. trade policy.
Attention is also fixed on the Federal Reserve as Chair Jerome Powell is expected to provide fresh signals on policy at the central bank’s annual Jackson Hole symposium later this week.
According to CME Group FedWatch Tool, futures markets are pricing in an 86.1% chance of a quarter-point rate cut at the Fed’s September meeting.
On the bond markets, the 10-year Treasury yield was down 0.6% to 4.310%, while the 2-year yield fell 0.4% to 3.754%.
