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Perth Now
4 hours ago
- Perth Now
Wall Street slips amid caution about tech stocks
Wall Street's main indexes have declined and the Nasdaq has hit a two-week low as a rally in technology stocks cooled and caution prevailed ahead of the Federal Reserve's highly anticipated Jackson Hole symposium later this week After driving much of the market's recovery from the April sell-off, tech stocks are pulling back as investors reassess high valuations in the sector. The S&P 500 technology index slid 1.7 per cent on the day. Deepening concerns of government interference with companies, sources said US President Donald Trump's administration was looking into taking equity stakes in chip companies such as Intel in exchange for grants under the CHIPS Act - just weeks after unprecedented revenue-sharing deals with Nvidia and AMD. Nvidia slid 2.8 per cent and Advanced Micro Devices lost 3.0 per cent while Intel and Micron fell about 6.0 per cent each. Nvidia's quarterly results on August 27 are keenly awaited for clues on demand for artificial intelligence. Other megacap growth names such as Apple and Meta also came under pressure, falling 1.4 per cent and 2.3 per cent, respectively. "To see a little pullback here after a big move up is perfectly normal and healthy," said Adam Sarhan, chief executive of 50 Park Investments in New York. "If the selling gets worse then you'll see a rotation out of tech and into undervalued areas of the market like biotech or healthcare stocks or small-cap stocks." In early trading on Wednesday, the Dow Jones Industrial Average fell 17.55 points, or 0.04 per cent, to 44,904.72, the S&P 500 lost 39.62 points, or 0.62 per cent, to 6,371.75 and the Nasdaq Composite lost 272.45 points, or 1.28 per cent, to 21,042.50. The S&P 500 and the Nasdaq marked their worst session in over two weeks on Tuesday following a similar tech sell-off. Minutes from the Fed's July meeting, where interest rates were left unchanged, are expected at 2pm ET. It could set the tone before the central bank's annual conference in Jackson Hole, Wyoming, between August 21 and 23. Chair Jerome Powell is expected to speak on Friday and his remarks will be scrutinised for insight on monetary policy, even as investors price in a 25-basis-point interest rate cut in September, according to data compiled by LSEG. Remarks from Governor Christopher Waller and Atlanta Fed president Raphael Bostic are expected later in the day. Investors also monitored allegations that Fed Governor Lisa Cook was involved in mortgage fraud. Earnings from big retailers, seen as a barometer for the health of US consumers, are also in the spotlight this week as sentiment has taken a hit from concerns that tariffs could drive prices higher. Target plunged 8.2 per cent after the company named a new CEO and retained its annual forecasts that were lowered in May due to weak demand for the discretionary merchandise it sells. Cosmetics giant Estee Lauder fell 2.5 per cent after tariff-related headwinds weighed on its annual profit forecast. On the trade front, the Commerce Department slapped 50 per cent import levies on more than 400 "derivative" steel and aluminium products. Advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE. Declining issues outnumbered advancers by a 1.61-to-1 ratio on the Nasdaq. The S&P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 17 new highs and 75 new lows.
Sky News AU
6 hours ago
- Sky News AU
‘Big bad bogeyman': Mainstream media's portrayal of Donald Trump's tariffs questioned
Sky News contributor Kosha Gada says mainstream Australian media portrayed US President Donald Trump's tariffs to be this 'big bad bogeyman'. 'Tariffs were just made out to be this big bad bogeyman,' Ms Gada told Sky News host Rita Panahi. 'Even though mainstream media is declining, as we know.'
Sky News AU
7 hours ago
- Sky News AU
‘He leads from the front, not from the back': Trump praised for ‘meaning what he says'
Political advisor and commentator CJ Pearson says the American people 'fundamentally and emphatically understand" what US President Donald Trump is doing through his presidency. 'We understand that this is a leader that leads from the front and not from behind,' Mr Pearson told Sky News host Rita Panahi. 'This is someone who does as he says and means what he says when he says it. 'This is a man who actually intends to deliver on the promises he made to the American people. 'All he is doing will make America great again, and we are 10 toes behind him in doing that.'
