Wall Street Wobbles Amid Fed Hesitation and Tech Slump
Wall Street indices declined as Treasury yields dipped, following a cautious approach from Federal Reserve Chair Jerome Powell on interest rates. Tech stocks including Nvidia fell, while gold surged and global equities saw mixed responses. Investors eagerly await further signals regarding the Fed's economic direction.
Wall Street's main indices saw a downturn on Tuesday, driven by Federal Reserve Chair Jerome Powell's hesitant stance over upcoming interest rate decisions. This declined investor confidence led to a drop in major tech stocks, including Nvidia, which slipped 3.1% following a high-profile market move.
Major indices such as the Dow Jones, S&P 500, and Nasdaq fell after recent highs. Analysts, like Oliver Pursche of Wealthspire Advisors, point to market resilience amid inconsistent economic data, sparking uncertainties about future catalysts for substantial growth.
Despite Powell's ambiguity, investors adjusted their expectations for further rate cuts, driving gold to record heights amid broader market uncertainty. The yield on U.S. 10-year notes decreased, and oil prices rose over a geopolitical stall in Iraq's Kurdistan.
(With inputs from agencies.)
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