Nasdaq, S&P end lower as Jackson Hole jitters hit tech stocks
The Nasdaq fell as megacaps Nvidia (NVDA.O), opens new tab, Microsoft (MSFT.O), opens new tab and Meta Platforms (META.O), opens new tab 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.
"It seems like folks are hedging a little going into Jackson Hole, thinking Powell might be more hawkish than markets currently appreciate," said James Cox, managing partner at Harris Financial Group.
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 (.SPX), opens new tab lost 37.62 points, or 0.58%, to end at 6,411.53 points, while the Nasdaq Composite (.IXIC), opens new tab lost 313.83 points, or 1.45%, to 21,315.95. The Dow Jones Industrial Average (.DJI), opens new tab rose 10.82 points, or 0.02%, to 44,922.64.
Steve Sosnick, chief strategist at Interactive Brokers, said some investors are taking some profits from tech stocks and rotating into other sectors. "(This move) spills into the broader market because of those stocks' weight in major indices," he added.
Some market participants also expressed some concerns about AI-related stocks after OpenAI's CEO Sam Altman said they are in a bubble in an interview with "The Verge" late last week.
Still, the real estate (.SPLRCR), opens new tab sector of the S&P 500 rose, helped by better-than-expected housing data.
A Reuters poll showed on Tuesday that the S&P 500 will end 2025 just below current near-record levels, at 6,300 points, reflecting tempered optimism amid ongoing concerns over the economic impact of President Donald Trump's global tariffs and uncertainty surrounding Fed rate cuts.
The blue-chip Dow briefly hit a record high on Tuesday, aided by a rise in Home Depot's shares after the retailer kept its annual forecasts intact.
Home Depot (HD.N), opens new tab rose despite missing quarterly results estimates, while rival home-improvement chain Lowe's (LOW.N), opens new tab also gained.
Earnings from Lowe's and big-box retailers Walmart (WMT.N), opens new tab and Target (TGT.N), opens new tab later this week are now in focus as investors await more insight on the health of the American consumer.
"Consumers are still not really spending at full speed ahead, they're a little bit cautious," said Peter Cardillo, chief market economist at Spartan Capital Securities.
"They're waiting to see the full results of the tariffs' impact on the upcoming holiday sales in a couple of months from now."
Intel (INTC.O), opens new tab jumped after the chipmaker got a $2 billion capital injection from Japan's SoftBank Group (9984.T), opens new tab.
Palo Alto Networks (PANW.O), opens new tab rose after the cybersecurity company forecast fiscal 2026 revenue and profit above estimates.
Medtronic (MDT.N), opens new tab lost, after the company said it would add two new directors to its board after Elliott Investment Management took a large stake in the medical-device maker.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
25 minutes ago
- Daily Mail
White House's new TikTok account has Trump supporters all saying the same thing
Donald Trump 's supporters are jazzed about the White House 's new TikTok account. Republicans in Congress have warned of national security concerns with the foreign app and pushed for the U.S. to ban TikTok if it does not sell to a non-Chinese owner. And even though Trump issued an executive order during his first term on the need to address the emergency threat posed by TikTok, the president's most loyal followers are pleased with the new account. It emerged on Tuesday night with three videos within a few hours of each other, all amassing hundreds of thousands of views. More than 110,000 users followed it by Wednesday morning with thousands more following by the minute. 'White House getting on TikTok is YUGE!' Gen Z political commentator Brilyn Hollyhand wrote on X. 'Posting behind the scenes videos, speeches, and accomplishments - that's how we keep Gen Z for the GOP!' he added. Another X user called MAGA Voice with 1.2 million followers wrote: 'President Trump just launched an official White House TikTok account with the most bada** 30 second video. This is freaking epic.' The White House said in a statement to the Daily Mail that the account is meant to communicate Trump's successes to Americans directly on as 'many platforms as possible.' TikTok is owned by Chinese tech giant ByteDance, and Republicans in Congress have repeatedly threatened a U.S. ban if it does not sell to a company without ties to the CCP. Those threats have turned out to be empty with the president acknowledging his tariffs on Beijing might make a sale even more difficult. He has extended the must-sell-by date several times, and it doesn't appear a deal will happen before the current September deadline. On January 18 this year, TikTok was removed from U.S. app stores and those with it already downloaded were met with the message: 'Sorry, TikTok isn't available right now. A law banning TikTok has been enacted in the U.S. Unfortunately that means you can't use TikTok for now.' The app was back up and running in the U.S. just hours later after Trump announced he extended the deadline for ByteDance's sale. 'Thanks for your patience and support,' a message on the app read for users who regained access. 'As a result of President Trump's efforts, TikTok is back in the U.S.!' TikTok's Singaporean CEO Shou Zi Chew, who attended Trump's inauguration, posted a video praising the then-incoming president. Many Republicans are against TikTok operating in the U.S., and warn that is causes a massive security concern because the CCP has access to users' data. In his August 2020 executive order, Trump even admitted that the app could be used to track federal employees, conduct espionage and facilitate censorship or disinformation. At the time, he called the threat of Chinese-owned companies operating in the U.S. a 'national emergency.' A GOP youth adviser acknowledged that the account is a 'nudge' to Republicans on the fence about banning TikTok The new White House TikTok account posted three videos within a few hours, which have amassed more than a million views so far. The videos include clips of Trump speaking and of the White House property and grounds Some on X pointed to Trump now breaking with Republican lawmakers on the matter. 'In a clear nudge to Republican members of Congress who are still on the fence, the White House has officially joined the platform that helped propel President Trump back to the White House: TIKTOK,' wrote CJ Pearson, co-chair of the GOP's Youth Advisory Council. Chinese human rights advocate Yaqiu Wang posted to X: 'American politics has become such a farce.' 'Congress nearly unanimously passed a bill requiring the sale of TikTok over national security concerns. Yet, not only has the president illegally refused to enforce it, but now the White House itself is busy posting on TikTok,' she expanded. Additionally, Mario Nawfal, who posts pro-Trump content to X, wrote: 'Trump has praised TikTok as key to energizing young voters during his 2024 win over Kamala.' 'Intelligence agencies have long warned about the app's Chinese ties,' he acknowledged. White House Press Secretary Karoline Leavitt said in a statement on the new account: 'The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible.' 'President Trump's message dominated TikTok during his presidential campaign, and we're excited to build upon those successes and communicate in a way no other administration has before,' she concluded.
Geeky Gadgets
26 minutes ago
- Geeky Gadgets
The Ultimate macOS Tahoe Setup: 26 Settings for a Better Experience
macOS Tahoe introduces a robust suite of features and customization options, designed to enhance both functionality and personalization. Whether your goal is to streamline workflows, improve system efficiency, or tailor the aesthetics of your Mac, this update provides tools to meet diverse needs. By exploring and adjusting the key settings outlined below in the video below from MacVince, you can unlock the full potential of macOS Tahoe and create a computing experience that aligns with your preferences. Watch this video on YouTube. Appearance Customization: Tailor Your Mac to Reflect Your Style macOS Tahoe offers expanded options for personalizing your Mac's appearance, allowing you to create a workspace that is both visually appealing and highly functional. These features allow for greater control over how your Mac looks and feels: New Themes: Choose from a variety of fresh themes to give your Mac a distinctive and modern look. Choose from a variety of fresh themes to give your Mac a distinctive and modern look. Custom Icons and Widgets: Personalize your desktop by adding emojis or custom icons to folders and apps, improving both organization and aesthetics. Personalize your desktop by adding emojis or custom icons to folders and apps, improving both organization and aesthetics. Folder Tints: Assign unique colors to folders, making it easier to visually categorize and locate files at a glance. Assign unique colors to folders, making it easier to visually categorize and locate files at a glance. Lock Screen Updates: Adjust clock fonts, styles, and layouts to match your preferences, adding a personal touch to your lock screen. Adjust clock fonts, styles, and layouts to match your preferences, adding a personal touch to your lock screen. Reduce Transparency: Simplify the interface for a cleaner, classic appearance, which can also enhance performance on older devices. These customization tools empower you to design a workspace that not only reflects your personality but also improves efficiency and usability. Control Center Enhancements: Simplify Access to Essential Tools The redesigned Control Center in macOS Tahoe introduces greater flexibility and customization, making sure that your most-used tools are always within reach. Key improvements include: Customizable Toggles: Access over 70 toggles to enable features like low power mode, split-screen tiling, dark mode, and screen recording, all from a single location. Access over 70 toggles to enable features like low power mode, split-screen tiling, dark mode, and screen recording, all from a single location. Resizable Toggles: Adjust the size of toggles to improve visibility and usability, especially on larger screens. Adjust the size of toggles to improve visibility and usability, especially on larger screens. Menu Bar Integration: Pin frequently used toggles to the menu bar for quick and convenient access. Pin frequently used toggles to the menu bar for quick and convenient access. App Icon Management: Reduce clutter by blocking app icons from appearing in the menu bar, creating a cleaner and more organized interface. These enhancements streamline your workflow, saving time and making sure that essential tools are always accessible when you need them. Spotlight Search: Enhanced Efficiency and Privacy Spotlight Search in macOS Tahoe has been upgraded to deliver faster results, smarter functionality, and improved privacy controls. These updates make it an indispensable tool for navigating your Mac: Keyboard Shortcuts: Quickly access apps, files, Siri shortcuts, and clipboard history with intuitive new shortcuts. Quickly access apps, files, Siri shortcuts, and clipboard history with intuitive new shortcuts. Customizable Actions: Automate repetitive tasks by creating quick keys tailored to your workflow. Automate repetitive tasks by creating quick keys tailored to your workflow. Privacy Controls: Take control of what Spotlight indexes by disabling search history tracking or excluding specific apps and files from results. These improvements not only enhance the speed and functionality of Spotlight but also ensure that your privacy is protected while using this powerful search tool. Shortcuts and Automations: Streamline Repetitive Processes macOS Tahoe bridges the gap between iPhone and Mac with enhanced shortcuts and automation capabilities. These features are particularly valuable for users managing complex workflows or repetitive tasks: Cross-Device Integration: Seamlessly import automations from your iPhone and expand them with Mac-exclusive options for greater flexibility. Seamlessly import automations from your iPhone and expand them with Mac-exclusive options for greater flexibility. File Sorting: Automatically organize files into subfolders based on their content, saving time and reducing manual effort. Automatically organize files into subfolders based on their content, saving time and reducing manual effort. Trigger Actions: Set up automations to perform specific tasks, such as launching apps or executing scripts when an external drive is connected. By using these tools, you can simplify routine processes and focus on more critical aspects of your work, improving overall productivity. Additional Features: Subtle Enhancements for a Better Experience Beyond the major updates, macOS Tahoe introduces several smaller features that collectively enhance usability and aesthetics. These additions may seem minor, but they have a significant impact on the overall user experience: Dark Mode for PDFs: Reduce eye strain by allowing dark mode when reading documents in low-light environments, making late-night work sessions more comfortable. Reduce eye strain by allowing dark mode when reading documents in low-light environments, making late-night work sessions more comfortable. macOS Phone App: Make and receive calls directly from your Mac, making sure seamless communication without needing to switch devices. Make and receive calls directly from your Mac, making sure seamless communication without needing to switch devices. Live Activities: Stay organized with real-time updates for apps like Calendar and Reminders, displayed conveniently in the menu bar. These features, while subtle, contribute to a more cohesive and user-friendly experience, making sure that macOS Tahoe caters to a wide range of user needs. Maximizing the Benefits of macOS Tahoe macOS Tahoe represents a significant step forward in customization, functionality, and user-centric design. By exploring and adjusting the 26 essential settings outlined above, you can create a Mac experience that is tailored to your unique requirements. Whether you're a casual user looking for aesthetic improvements or a professional seeking to optimize workflows, macOS Tahoe provides the tools to enhance your productivity and enjoyment. Take the time to familiarize yourself with these features and unlock the full potential of your Mac today. Discover other guides from our vast content that could be of interest on macOS Tahoe customization. Source & Image Credit: MacVince Filed Under: Gadgets News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
The Independent
27 minutes ago
- The Independent
Target appoints lifelong employee as new CEO in effort to halt sliding sales
Target has selected a lifelong employee as its next CEO in a bid to revive sales as shoppers turn to the retail giant's competitors. After more than two decades at the company, joining first as a college intern in 2003, chief operating officer Michael Fiddelke is set for a tenth promotion on February 1, 2026. The company announced Wednesday that he will succeed current chief executive Brian Cornell, who is expected to transition to executive chair of the board. Fiddelke, 49, will take over as Target experiences a sustained period of sluggish results, losing market share to the likes of Walmart and Amazon, which some consumers perceive as having lower prices and better items. 'We've got to get back to growth,' Fiddelke told reporters beside Cornell in a joint statement at the company's Minneapolis headquarters. 'That is mission 1, 2, 3, 4, 5.' For over two years, the company's sales have been either flat or falling as competitors have adopted a similar trendy yet affordable approach to their merchandise, compounded by backlash and boycotts over its reversals in diversity, equity, and inclusion policies. A companywide survey released in early June found about 40 percent of the around 260,000 staffers who replied said they didn't have confidence in Target's future, The Wall Street Journal reported last week. Target revealed on Wednesday that sales from stores and digital channels in operation for at least a year plunged 1.9 percent in the most recent quarter. It marks the 11th consecutive quarter of flat or slumping sales. Out of 35 merchandise categories that Target tracks, just 14 gained or maintained market share in that period, Fiddelke said Tuesday. Fiddelke pointed to supply-chain chaos and a sales boost stemming from the early Covid-19 pandemic, as consumers broadly purchased more items amid lockdowns. The shopper experience, he said, had degraded with products often out of stock and stores being strained by also acting as e-commerce shipping hubs. 'We've got some work to do to untangle that complexity because what we can't have is any hiccups in the store experience,' Fiddelke said. To turn things around at the company, which shoppers once affectionately called 'Tar-zhay,' Fiddelke promised to refocus on its 'North Star': stylish, unique merchandise and excellent customer experiences. Fiddelke's first taste of a career at Target occurred after landing an internship in 2003 while studying for a master's degree in business administration at Northwestern University, according to his LinkedIn profile. He joined the company as a financial analyst the following year. He began climbing his way through nine positions before emerging as chief operating officer and executive vice president in January 2024. Cornell, his predecessor, took the helm at Target in August 2014. In September 2022, the board extended the 66-year-old's contract for an additional three years, eliminating a policy requiring its chief executives to retire at 65. While Cornell helped to reenergize the company, he struggled to turn around weak sales in a more competitive, post-pandemic retail landscape. Now, the outgoing CEO says Fiddelke is the 'right' person to replace him. 'Mike was the right candidate to lead our business back to growth,' Cornell told reporters. 'As I arrived at Target, I consistently relied on Michael's strategic insights and sound judgment when making decisions. Michael has developed a deeper knowledge of our business than anyone I know.'
