US Stocks Halt Rally as Tech Stumbles, Powell Expresses Caution
Traders work on the floor of the New York Stock Exchange (NYSE) in New York.
Photographer: Michael Nagle/BloombergA record-breaking rally in US equities came to a halt on Tuesday as interest-rate sensitive technology stocks extended an early decline after Federal Reserve Chair Jerome Powell gave no signs he would support a cut at the central bank’s October meeting.
The S&P 500 Index closed down 0.6% in New York, with the gauge hovering around all-time highs. The tech-heavy Nasdaq 100 Index finished the session 0.7% lower, with a majority of the Magnificent Seven seeing red. Micron Technology Inc., the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter after the market closed, which could offer fresh support to tech stocks when traders return.