Nasdaq, S&P end lower as Jackson Hole jitters hit tech stocks
The Nasdaq and S&P 500 dipped on Tuesday driven by tech stocks, as investors gear up for what Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week.
The Nasdaq fell as megacaps Nvidia, Microsoft and Meta Platforms lost, after having rallied for much of the year.
The key event this week is the Fed's annual symposium at Jackson Hole, Wyoming, from Aug. 21-23, where Powell's comments will be scrutinized for any clues on the central bank's outlook on the economy and monetary policy.
Interest rate futures point to a total of two rate cuts this year worth 25 basis points each, with the first expected in September, according to data compiled by LSEG.
According to preliminary data, the S&P 500 lost 37.62 points, or 0.58%, to end at 6,411.53 points, while the Nasdaq Composite lost 313.83 points, or 1.45%, to 21,315.95. The Dow Jones Industrial Average rose 10.82 points, or 0.02%, to 44,922.64.
Source : Reuters
