U.S. Stocks End Tuesday Lower
(MENAFN) US equity markets closed mostly lower Tuesday, weighed down by significant losses in major technology shares.
The Nasdaq Composite plunged 1.46%, shedding 314.82 points to finish at 21,314.95, while the S&P 500 declined 0.59%, or 37.78 points, closing at 6,411.37. In contrast, the Dow Jones Industrial Average eked out a modest gain of 0.02%, adding 10.45 points to end at 44,922.27.
Market anxiety rose alongside the VIX Index, the so-called “fear index,” which jumped 3.87% to 15.57.
Tech and semiconductor stocks faced sharp losses. Nvidia shares dropped 3.5%, AMD slid nearly 5.5%, and Broadcom fell 3.6%. Meanwhile, Palantir plunged 9.5%, Netflix dipped roughly 2.5%, Tesla lost 1.75%, and Meta shares fell more than 2%.
In a rare bright spot, Intel surged nearly 7% after SoftBank disclosed a $2 billion investment deal with the chipmaker. Home Depot shares also gained 3.2% after reaffirming its full-year sales forecast despite slightly missing revenue and profit estimates in Q2.
On the trade front, the US Department of Commerce expanded its 50% tariffs on steel and aluminum imports to cover 407 additional product categories. This includes items containing steel or aluminum such as fire extinguishers, machinery, building materials, and specialized chemicals.
Meanwhile, US Treasury Secretary Scott Bessent told media Tuesday he plans to begin interviewing candidates for the next Federal Reserve chair shortly after Sept. 1. He confirmed the pool consists of 11 individuals, including current and former Fed officials, economists, a White House advisor, and Wall Street experts.
Housing data offered a positive surprise, with new US housing starts climbing 5.2% month-over-month in July to 1.43 million units, exceeding forecasts.
All eyes remain on the Federal Reserve, as markets anticipate a possible 25 basis point rate cut next month. However, tomorrow’s release of the Fed meeting minutes and Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium on Friday will be pivotal in shaping market direction.
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