Nasdaq Trims Decline to Less Than 1%; Dow Turns Positive

Tiger Newspress08-20

Stocks fell on Wednesday but trimmed declines as investors weighed a mixed batch of retail earnings and looked ahead to the Federal Reserve’s latest meeting minutes release.

The Dow Jones Industrial Average rose 24.40 points, or 0.05%. The S&P 500 slipped 0.46%, while the Nasdaq Composite shed 0.99%.

Tech stocks fell with Palantir down 5%; Tesla, SMCI, AMD down over 2%; Nvidia, Apple down over 1%.

Investors are awaiting July meeting minutes from the Fed due at 2 p.m. ET. At the time, policymakers once more held steady on interest rates, but Fed Governors Christopher Waller and Michelle Bowman dissented, marking the first time two voting Fed officials have done so since 1993.

That comes ahead of remarks from Fed Chair Jerome Powell on Friday, which investors will monitor for insights into the path of interest rates. Fed funds futures are pricing in a nearly 85% likelihood of the central bank cutting interest rates at its next policy gathering in September, according to CME’s FedWatch tool.

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