Tech Stocks Tumble Ahead of Critical Fed Symposium

In a notable downturn, Wall Street's primary indexes suffered losses on Wednesday, with a pronounced selloff in technology stocks propelling the Nasdaq to a two-week low. This development comes as investors exercise caution ahead of the Federal Reserve's keenly anticipated Jackson Hole symposium.

Tech stocks, pivotal in the market's recovery from an earlier selloff, are now pulling back as investors reassess their high valuations. Not helping matters, OpenAI CEO Sam Altman's recent comments about an AI stock bubble and an MIT study questioning AI profitability contributed to the selloff.

Additional pressure comes from potential government interventions, with President Trump's administration considering equity stakes in major chip firms. Meanwhile, the community watches for Federal Reserve guidance and earnings from major retailers, which could reveal critical insights into consumer health and economic conditions.

(With inputs from agencies.)