Just ahead of a pivotal Fed policy meeting and a clutch of Big Tech quarterly reports, US stocks fell, dragged by a drop of AI chip heavyweight Nvidia . The S&P 500 fell by 0.5% while the tech-heavy Nasdaq Composite dropped roughly 1.3%, as investors awaited key earnings from the likes of Microsoft and AMD . The Dow Jones Industrial Average rose 0.5%.
Eyes are now on Microsoft's quarterly report due after trading ends, which will set the stage for results from Apple , Amazon , and Meta in the following days. Wall Street is watching closely for any sign that massive AI investments are starting to pay off. That question is in focus after July's volatile ride for stocks underlined the risks of the AI trade, as investors rotated out of Big Tech and into small caps.
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