Stock market today: Live updates

Stocks dipped on Wednesday, pressured by a broad decline in tech for the second day in a row. Investors also monitored a mixed batch of retail earnings and looked ahead to the Federal Reserve’s latest meeting minutes release.

The Nasdaq Composite lost about 1.3%, while the S&P 500 slipped 0.9%. The Dow Jones Industrial Average shed 75 points, or 0.2%.

Investors continued to take profits from several heavyweight technology and semiconductor names, fanning concerns about their high valuations and the strength of the AI trade longer term. Nvidia declined about 3%, while Advanced Micro Devices and Broadcom each lost more than 3.5%. Shares of Palantir declined about 5.5%, and Intel dropped more than 6%. Mega-cap tech companies Apple, Amazon, Alphabet and Meta also declined.

“It’s not a surprise to see some investors taking profits in tech stocks, which have had an incredibly strong run – with some up over 80% since the early April lows. Market volume in general is typically quite sparse in late August leading to wider swings than fundamentals would warrant,” said Carol Schleif, chief market strategist at BMO Private Wealth.

On the earnings front, Target shares dropped more than 8% — making the stock the S&P 500’s worst performer — after the retailer reported another decline in sales and announced a new CEO who will step into the role on Feb. 1. Lowe’s, meanwhile, edged higher after the home improvement retailer’s earnings beat expectations.

Investors are awaiting July meeting minutes from the Fed due at 2 p.m. ET. At the time, policymakers once more held steady on interest rates, but Fed Governors Christopher Waller and Michelle Bowman dissented, marking the first time two voting Fed officials have done so since 1993.

That comes ahead of remarks from Fed Chair Jerome Powell on Friday, which investors will monitor for insights into the path of interest rates. Fed funds futures are pricing in a nearly 85% likelihood of the central bank cutting interest rates at its next policy gathering in September, according to CME’s FedWatch tool.

“Investors also remain cautious heading into Jackson Hole on Friday. If Powell’s language is more hawkish, that could pressure tech stocks even further, as a continuation of these elevated interest rates is generally a headwind for the tech sector,” Schleif added.