Stock market today
US stocks slid on Wednesday continuing a bruising stretch for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest-rate cuts.
The Dow Jones Industrial Average (^DJI) was up off less than 0.1%, while the S&P 500 (^GSPC) slipped about 0.6%. The tech-heavy Nasdaq Composite (^IXIC) led the losses declining more than 1.2%. After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 5% in early trade. Meanwhile AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each fell more than 2%.
The tech-led selloff has put markets on edge, as investors rotate out of riskier stocks into previously lagging sectors amid concerns about the AI boom's staying power.
Attention is now on the latest batch of big retail earnings, with Target's (TGT) results the highlight on Wednesday. Target eked out a profit beat and held to its guidance, but pressures from tariffs and a squeezed consumer added up to another downbeat quarter — and will pose challenges for newly announced CEO Michael Fiddelke. Its shares sank 10%.
Next up are Walmart (WMT) earnings on Thursday, watched for further signs of how companies and consumers are handing President Trump's tariffs.
Read more: The latest on Trump's tariffs
The main event for Wall Street lands on Friday, when Federal Reserve Chair Jerome Powell will deliver remarks at the Jackson Hole symposium in Wyoming. Investors are eager for a sense of where policymakers stand on interest rate cuts after economic data this month revealed a tricky dilemma between a weakening labor market and stubborn inflation.
Wednesday's release of minutes from the Fed's July meeting will serve as a curtain-raiser to Powell's speech. Policymakers held rates steady at that meeting and stressed no decisions had been made about a cut in September, despite Trump suggesting otherwise.
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