US stocks were mixed on Wednesday as a renewed slide in big tech pressured broader indexes, while investors parsed Federal Reserve minutes and fresh retail earnings. According to Yahoo Finance, the Dow closed slightly higher as the S&P 500 dipped about 0.2% and the Nasdaq Composite fell roughly 0.7% after deeper intraday losses.
Tech selling persists as investors rotate
The session extended a tech-led downturn amid questions about the staying power of the AI boom and a rotation into previously lagging sectors. Palantir dropped another 1% after a nearly 10% tumble on Tuesday, while other notable decliners during the day included Alphabet, Amazon, Apple, and several chip names. Yahoo Finance noted that Nvidia and Broadcom were lower earlier, with Micron down nearly 4% at one point.
Retail traders increased buying in Palantir despite the slide. Data provided to Yahoo Finance from Vanda Research showed more than $59 million in retail inflows on Tuesday, following $40 million the prior day. Still, the stock fell hard, a divergence that highlighted the impact of institutional selling, as discussed by Interactive Brokers’ Steve Sosnick in the report.
Eight of 11 sectors outperformed the S&P 500
While tech weakness weighed on the index, eight sectors outpaced the S&P 500 on Wednesday, with 265 stocks in positive territory late in the session, according to commentary cited by Yahoo Finance. Strategists described the pressure as localized, even as the Nasdaq lagged.
Fed minutes, retail earnings shape sentiment
Minutes from the Fed’s July meeting indicated a majority of officials were more concerned about upside inflation risks than employment weakness. The minutes cited uncertainty around tariffs and inflation expectations, while noting potential employment risks from tighter financial conditions, a housing downturn, and increased use of AI in the workplace.
Retail earnings also drew attention. Target posted a profit beat and maintained guidance, but tariffs and a strained consumer contributed to a downbeat quarter. Shares fell 6% and the results pose challenges for newly announced CEO Michael Fiddelke, Yahoo Finance reported. Walmart reports Thursday, with investors looking for further read-through on corporate and consumer responses to tariffs.
Looking ahead, the main event arrives Friday when Fed Chair Jerome Powell is set to speak at the Jackson Hole symposium in Wyoming, a focal point for rate-cut expectations this year.
