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Tech Weighs on Stocks as Markets Waver

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STOCKS,TECH COMPANIES,MARKET INDEXES

Stocks wavered in afternoon trading, with losses in Big Tech companies like Nvidia and Microsoft pulling down the broader market. The S&P 500 fell 0.5%, the Dow dropped 78 points, and the Nasdaq declined 1.1%, despite the Australian market expected to inch up slightly at the open.

Stocks wavered in afternoon trading, as losses for several Big Tech companies offset gains elsewhere in the market.

Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture. Overall, the rate of inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve’s preferred measure of inflation, was just below 7.3 per cent in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1 per cent at the same time.

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