Market Dips Amid Fed Caution and Tech Stock Fluctuations

U.S. stocks slipped on Tuesday afternoon following a decline in Nvidia shares and as Federal Reserve Chair Jerome Powell reiterated the central bank's struggle with inflation and labor market instability. Nvidia stocks fell 3.1%, retracting gains from a previous surge after announcing a $100 billion investment in OpenAI.

Other tech giants like Amazon, Microsoft, and Apple also experienced downturns. AutoZone shares dropped 1.1% after its quarterly profit missed forecasts. Powell, speaking at Rhode Island's Greater Providence Chamber of Commerce, provided no indication of when the Fed might cut interest rates again after a recent reduction.

Although Boeing's 1.5% rise, backed by an Uzbekistan Airways order, helped limit Dow's losses, investor caution remained prevalent. The Dow fell 91.96 points, the S&P 500 lost 34.67 points, and the Nasdaq Composite dipped by 191.63 points. Meanwhile, monitoring Kenvue's stock, investors noted a 2.7% rise on Tuesday, after a steep decline earlier linked to controversial comments by former President Trump.

(With inputs from agencies.)