The final results of the session indicate that the S&P 500 fell by 0.59%, the Dow Jones Industrial Average rose by 0.02%, and the Nasdaq declined by 1.46%.
Wall Street closed today with declines in shares of large-cap tech companies and major chip manufacturers.
Apart from Nvidia, Advanced Micro Devices dropped 5.4% and Broadcom fell 3.6%, while software company Palantir lost more than 9%, becoming the worst performer in the S&P 500.
“After a historic peak of over 40% in the Nasdaq since April, a pause is normal as the market recalibrates around the most recent economic data and anticipated Federal Reserve (Fed) policy,” emphasized Jayson Bronchetti, chief investment officer at Lincoln Financial, to CNBC.
This week, the main focus is on the Fed’s activity, as the minutes from the July meeting will be released this Wednesday. The members will later meet in Jackson Hole, Wyoming, where Chairman Jerome Powell will deliver a much-anticipated speech on Friday, announcing his decision on interest rates.
Among the leading Dow Jones stocks, the biggest gains were from the retail chain Home Depot (3.17%) and Sherwin Williams (2.53%), while losses were led by Nvidia (-3.5%), Boeing (-3.19%), and Amazon (-1.5%).
Meanwhile, Intel also closed with a nearly 7% increase after the administration led by President Donald Trump confirmed its intention to acquire 10% of its shares in a bid to revitalize the American chip manufacturer.
