Wall Street's Mixed Signals Amid Tech Rally Pause, Gold Surge

Wall Street saw a mixed opening on Tuesday as recent gains powered by artificial intelligence excitement were offset by cautious investor sentiment. The Nasdaq retraced slightly, dropping 0.31% as tech giants Nvidia and Amazon dragged after hitting record highs earlier. However, the Dow Jones rose by 0.43%.

Investors' focus remained on upcoming statements from Federal Reserve Chair Jerome Powell, amidst a backdrop of subdued Treasury yields and a record-high gold market. Market participants are keenly anticipating Powell's clues on potential monetary policy, as the Fed's previous rate cut has led to hopes for further easing.

As the market braces for Powell's comments, the U.S. dollar remained stable against major peers, and oil prices edged higher due to geopolitical developments in Iraq. Analysts suggest that the global markets are amidst an "everything rally" as speculation mounts over further rate cuts.

(With inputs from agencies.)