FX.co ★ Tech Sell-Off Weighs on US Stocks

On Tuesday, U.S. stocks declined as significant losses in leading technology companies weighed down the market. The S&P 500 decreased by 0.6%, and the Nasdaq experienced a 1.5% drop to its lowest point in over two weeks, mainly due to sharp declines in the semiconductor sector. Meanwhile, the Dow Jones ended the day mostly flat after reaching a new record high earlier. Among the notable declines, Nvidia fell by 3.5%, AMD dropped by 5.4%, and Broadcom decreased by 3.6%. Additionally, Palantir saw a substantial decline of 9.3%, marking it as the poorest performer in the S&P 500 on that day. Conversely, Home Depot saw a 3.2% increase in its stock value despite reporting earnings that did not meet expectations, buoyed by signs of strengthening demand within the housing market. Intel's shares surged 7% following SoftBank's announcement of a $2 billion investment in the company, spurring optimism regarding its recovery. Investors are now shifting their attention to the upcoming Federal Reserve’s Jackson Hole symposium, where Chair Jerome Powell is expected to deliver remarks on Friday that could offer insights into the upcoming September policy meeting and the possibility of interest rate cuts.