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21/05/24
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Wall Street Mixed as Tech Sector Weaker
On Tuesday, stocks on Wall Street were mixed as the tech-heavy Nasdaq gave back some of its recent gains amid uncertainty over interest rates’ future path.
The NASDAQ Composite fell 58 points, or 0.4%, the S&P 500 fell 3 points, or 0.1%, while the Dow Jones Industrial Average rose 11 points, or 0.1%.
The major indices were mixed as the tech sector retreated after the NASDAQ Composite surged to record highs.
Palo Alto Networks stock dropped over 8%, after analysts said that the cybersecurity firm’s latest forecast for billings disappointed high expectations.
Investors are awaiting earnings from Nvidia after Wednesday’s closing bell.
The company has been at the center of a huge spike in market valuations over the last year and is seen as a bellwether for the AI industry. Earnings of Nvidia will likely set the tone for the wider technology sector.
Markets are still on edge before more clues from the Fed this week, especially the minutes of its previous meeting and speeches by various officials.
Although April’s softer consumer inflation readings led to a rally on Wall Street, several Fed officials warned that the central bank still had to gain more confidence that inflation was moving lower, before it would start cutting interest rates.
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