Stock Market

The U.S. major indexes closed as follows: Dow Jones declined 0.02% at 53,559.99; S&P 500 declined 0.25% at 7,711.76; NASDAQ declined 0.52% at 26,402.42. A cautious mood prevailed after fresh rate-hike rhetoric from the Federal Reserve, keeping all three benchmarks in the red by the closing bell and trimming weekly gains amassed earlier in the session.

Large-cap technology names showed wide performance gaps. Apple (AAPL) rose 1.63% at $319.70 and Amazon (AMZN) added 3.97% at $266.43, while chip heavyweight NVIDIA (NVDA) fell 4.57% at $217.55.

Semiconductor sentiment weakened further as Marvell Technology (MRVL) fell 10.28% at $216.62, whereas leveraged ETF SOXS jumped 9.86% at $49.82 and bullish counterpart SOXL dropped 9.52% at $111.34.

Among other mega-caps, Microsoft (MSFT) gained 1.68% at $513.53, Alphabet (GOOG) climbed 1.53% at $342.88, and Meta Platforms (META) firmed 1.21% at $578.02.

Electric-vehicle bellwether Tesla (TSLA) slipped 1.71% at $348.75, while chipmaker AMD retreated 2.33% at $465.58.

Volatility was pronounced in thematic trades. The inverse semiconductor fund’s rally contrasted with weakness in traditional chip leaders, underlining investors’ rotation into defensive expressions of technology exposure. Meanwhile, broader equity ETFs mirrored index softness: SPDR S&P 500 ETF (SPY) fell 0.23% at $769.35, and Invesco QQQ (QQQ) fell 0.65% at $716.43. Profit-taking after a strong month for AI-linked shares, coupled with rising Treasury yields, contributed to the mixed picture.

Other Markets

U.S. 10-year Treasury yield rose by 1.07%, latest at 4.72%. USD/CNH rose 0.10%, at 6.79; USD/HKD rose 0.02%, at 7.84. U.S. Dollar Index rose 0.55%, at 99.68. WTI crude futures fell 0.11%, at 83.44 USD/bbl; COMEX gold futures fell 3.43%, at 4,504.10 USD/oz.

Top News

1. SpaceX Pledges to Source All Data-Center Chips From Nvidia, Deepening AI Partnership. Executives said the rocket maker will rely exclusively on Nvidia hardware to power its expanding compute needs. Analysts note the pact could underpin Nvidia’s forecast for 70% revenue growth next fiscal year. The move highlights rising demand for high-performance chips in the space sector.

2. U.S. Judge Approves $147 Million Fee for Lawyers in Google Privacy Lawsuit. The San Francisco court praised counsel’s “exemplary performance” after a $425 million verdict over clandestine data collection. Google’s attempt to overturn the jury decision was rejected, keeping pressure on the company over user-privacy practices.

3. Fed Chair Kevin Warsh Reiterates Inflation Fight, Prompting Markets to Price In Additional Rate Hike. In remarks at the Jackson Hole symposium, Warsh said financial conditions are not yet restrictive, boosting expectations for a near-term policy move. Two-year Treasury yields jumped, while equities wavered amid tighter-policy concerns.

4. Labor Department’s Benchmark Revision Indicates 79,000 Fewer Jobs Added Over the Past Year. The preliminary update suggests employment growth has been slightly overstated, reinforcing signs of a cooling labor market. Economists cite slowing demand and shrinking labor supply as key factors.

5. French Quantum-Computing Firm Pasqal Soars About 41% in Nasdaq Debut After SPAC Merger. The listing provides roughly $360 million in fresh capital to scale production and pursue fault-tolerant processors. Government support from Bpifrance underscores France’s ambitions in next-generation computing.

6. Marvell Technology Shares Sink 10% After Earnings Beat Fails to Satisfy Elevated AI Hopes. Investors judged the chipmaker’s guidance and Google partnership details as underwhelming following recent share-price outperformance. Analysts say clarity on long-term growth targets at an upcoming investor day is now crucial.

7. Broadcom Faces Lower Expectations Ahead of Third-Quarter Report, Analysts Say. Recent share weakness and modest year-to-date gains set a “more achievable” bar for upcoming AI chip shipment guidance. Benchmark predicts the firm will aim for an operating margin near 67% while expanding AI revenue.

8. CrowdStrike’s Strong Quarter Signals Rising Cybersecurity Budgets for AI-Driven Threats. Jefferies notes enterprises are allocating more funds to protect against advanced attacks, benefiting leading platform providers. Analysts foresee sharper spending growth into the holiday quarter and next year.

9. Gap Inc. Appoints Retail Veteran Michael Francis to Lead Old Navy and Lifts Profit Outlook. The leadership refresh and improved pricing strategy sent Gap shares up more than 18%. Management cited stronger sales at the flagship Gap brand as a driver for the upbeat forecast.

10. Advent and Stripe Abandon Takeover Approach for PayPal, Triggering 12% Share Decline. The consortium ended preliminary talks, prompting investors to reassess potential strategic alternatives for the payments pioneer. PayPal now faces renewed pressure to accelerate organic growth initiatives.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.