Tech Stocks Propel Nasdaq Amid Uneasy Ceasefire and Market Fluctuations

U.S. stocks took a brief pause in their recent rally on Wednesday amidst continuing tension in the Middle East. Investors closely monitored Federal Reserve Chair Jerome Powell's second day of congressional testimony, impacting overall market sentiment. Notably, technology shares boosted the Nasdaq, even as other indices showed varied performance.

The Dow Jones Industrial Average closed in negative territory, with a drop of 106.59 points. Federal Reserve Chair Powell suggested a prudent approach towards interest rate cuts, awaiting clearer impacts of existing tariffs on the economy. Meanwhile, housing data indicated a decline in new home sales, raising concerns about economic stability.

In corporate news, Nvidia's shares surged to a record high, while Tesla faced a decline due to slipping European sales. Shares of BlackBerry and Micron Technology experienced notable gains following optimistic revenue forecasts. The market continues to analyze these mixed signals for future investment strategies.

(With inputs from agencies.)