Written by The Banking Post
US equities closed mostly lower on Wednesday, with technology stocks continuing to face selling pressure as investors monitored retail earnings and anticipated potential Federal Reserve interest rate moves.
The S&P 500 fell 0.2 percent to 6,395.78, while the Nasdaq Composite dropped 0.7 percent to 21,172.86. The Dow Jones Industrial Average was essentially flat at 44,938.31.
“Markets had reached a point where many stocks were overbought after recent record highs,” said Tim Urbanowicz of Innovator Capital Management. “But the long-term trend remains intact.”
Among major tech names, Nvidia slipped 0.1 percent, Advanced Micro Devices dropped 0.8 percent, and Broadcom fell 1.3 percent.
Retailers also drew investor attention: Target reported weaker sales, closing down over 6 percent, while Lowe’s beat expectations, edging up 0.3 percent. The results reflect growing market scrutiny of the retail sector amid President Donald Trump’s tariffs and their impact on inflation and economic activity.
Minutes from the Fed’s July policy meeting indicated that most officials viewed inflation risks as outweighing employment concerns, opting to keep interest rates unchanged despite two dissenting votes.
Investors now await Fed Chair Jerome Powell’s speech at a central bankers’ gathering on Friday for clues on the trajectory of interest rates.
