by Johann M Cherian, Sanchayaita Roy and Carolina Mandl
(Reuters) – The New York Stock Exchange ended up on Tuesday, trained by companies in the technology sector, while investors are preparing for the federal reserve symposium in Jackson Hole.
The Dow Jones index sold 0.12%, or 52.48 points, to 44,859.34 points.
The wider S&P-500 lost 43.47 points, or 0.67% to 6,405.68 points.
The Nasdaq Composite fell on its side of 325.55 points, or 1.50% to 21,304,228 points.
Technological giants like NVIDIA, Microsoft and Meta Platforms, which have progressed for a large part of the year, have lost ground.
Steve Sosnick, chief strategist at Interactive Brokers, said some investors reported some of the profits recorded in the technology compartment to other sectors.
“(This evolution) has repercussions throughout the market due to the weight of these companies in the main clues,” he added.
Investors are also waiting for the statements that will be president of the American Federal Reserve (Fed), Jerome Powell, during the symposium to be held in Jackson Hole from August 21 to 23.
Jerome Powell is expected to express themselves on Friday on the economic prospects and the political framework of the Central Bank.
“It seems that people are cautious when Jackson Hole approaches, thinking that (Jerome) Powell could be more aggressive than the markets currently think,” said James Cox, associated with Harris Financial Group.
At the values, Home Depot was up although the company reported quarterly results in the expectations of analysts.
Intel jumped while the group should receive a capital injection of two billion dollars (1.72 billion euros) from SoftBank Group.
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(With Saeed Azhar; Camille Raynaud)
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