US stocks retreat from records as tech giants fall
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Traders working on the floor of the New York Stock Exchange in the US.
PHOTO: REUTERS
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- Wall Street stocks fell as tech giants like Nvidia and Amazon saw "considerable profit-taking" after recent record highs.
- Jerome Powell cautioned against cutting interest rates too quickly, balancing inflation concerns with labour market health.
- Boeing shares rose after Uzbekistan Airways ordered up to 22 Dreamliners, with new AI collaboration with Palantir.
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NEW YORK - Wall Street stocks fell on Sept 23, snapping a series of record-setting sessions as Nvidia, Amazon and other large tech names retreated amid valuation concerns.
Briefing.com pointed to “considerable profit-taking” among tech giants after a heady run that included record closes the last three days for all three major indexes.
The Dow Jones Industrial Average finished down 0.2 per cent at 46,292.78.
The broad-based S&P 500 declined 0.6 per cent to 6,656.92, while the tech-rich Nasdaq Composite Index dropped 1 per cent to 22,573.47.
US Federal Reserve chairman Jerome Powell warned that slashing interest rates too quickly could allow inflation to remain elevated, but also emphasised the need to try to prevent the labour market from softening “unnecessarily”.
The US Fed made its first rate cut of the year
Among individual companies, Boeing rose 2 per cent after announcing that Uzbekistan Airways ordered up to 22 Boeing 787 Dreamliner planes, the largest order in the carrier’s history.
The aviation giant also said it was collaborating with Palantir on integrating artificial intelligence into Boeing systems and on a number of “undisclosed classified and proprietary efforts focused on supporting military customers’ most sensitive missions”.
Palantir shares rose 1.8 per cent, while Nvidia and Amazon fell 2.8 per cent and 3 per cent, respectively.
Kenvue climbed 1.6 per cent, winning back some of the losses from the prior session when US President Donald Trump urged pregnant people not to take
The World Health Organisation and other medical experts rejected Mr Trump’s comments linking the drug to autism. AFP
