Dow Pulls Back from Record, NASDAQ Tumbles

The S&P 500 pulled back on Tuesday, weighed down by Nvidia shares and a broad decline in technology stocks. The Dow Jones Industrials came off their highs of the day, staying positive only 10.57 points to 44,922.28. The 30-stock index had touched a fresh record high during the session, powered by a pop in Home Depot. The broader index drifted lower 37.69 points to 6,411.46. The NASDAQ wilted 314.82 points, or 1.5%, to 21,314.95. Shares of megacap tech and big-name chipmakers declined. Nvidia shares lost 3.5%, while Advanced Micro Devices ditched 5.4% and Broadcom slipped 3.6%. Shares of high-flying software stock Palantir dropped more than 9%, making it the S&P 500's worst performer. Other major tech-related names such as Tesla, Meta Platforms and Netflix were also under pressure. Investors have awaited these reports as they search for clues on how the consumer is faring amid a mixed inflation outlook and evolving U.S. trade policy. Wall Street is also looking for clues from Fed Chair Jerome Powell as to what will happen at the central bank’s remaining policy meetings this year. Central bank officials from around the globe will convene this week in Jackson Hole, Wyoming for the Fed’s annual economic symposium. The fed funds futures market is indicating an 83% chance for a quarter-point rate cut at the Fed’s next policy meeting in September. Prices for 10-year Treasury gained ground Tuesday, lowering yields to 4.31% from Monday’s 4.34%. Treasury prices and yields move in opposite directions. Oil prices ditched $1.02 to $62.40 U.S. a barrel. Gold prices sank $17.70 cents at $3,360.30 U.S. an ounce.