20.08.202520:02:07UTC+00US Stocks Pressured by Tech Pullback

On Wednesday, the US stock market mostly declined as technology stocks experienced a continued downturn due to worries about high valuations and the longevity of the AI-driven rally. Meanwhile, investors were processing retail earnings reports and the Federal Reserve's meeting minutes. The S&P 500 decreased by 0.2%, the Nasdaq dropped by 0.7%, and the Dow Jones remained relatively unchanged. Noteworthy declines were seen in technology giants such as Broadcom, which fell by 1.3%, Palantir by 1.1%, and Intel by a significant 7%, indicating a shift away from previously high-performing tech stocks. The retail sector presented mixed outcomes: Target's shares plunged by 6.3%, despite slightly surpassing profit expectations, whereas shares of TJX and Lowe’s saw increases of 2.7% and 3.3%, respectively, following better-than-expected results. The minutes from the Federal Reserve's July meeting revealed a majority of officials favored maintaining the current interest rates, with two members dissenting due to concerns over inflation and the labor market. Attention now shifts to Federal Reserve Chair Jerome Powell's upcoming comments at the Jackson Hole symposium, as investors seek insights into potential interest rate cuts.