US: Stocks retreat from records as tech giants fall

[NEW YORK] Wall Street stocks fell on Tuesday, snapping a series of record-setting sessions as Nvidia, Amazon and other large tech names retreated amid valuation concerns.

Briefing.com pointed to “considerable profit-taking” among tech giants after a heady run that included record closes the last three days for all three major indices.

The Dow Jones Industrial Average finished down 0.2 per cent at 46,292.78.

The broad-based S&P 500 declined 0.6 per cent to 6,656.92, while the tech-rich Nasdaq Composite Index dropped 1.0 per cent to 22,573.47.

US Federal Reserve Chair Jerome Powell warned that slashing interest rates too quickly could allow inflation to remain elevated, but also emphasised the need to try to prevent the labour market from softening “unnecessarily.”

The Fed made its first rate cut of the year last week, while signalling it could cut again this year depending on how the economy evolves.

Among individual companies, Boeing rose 2.0 per cent after announcing that Uzbekistan Airways ordered up to 22 Boeing 787 Dreamliner planes, the largest order in the carrier’s history.

The aviation giant also said it was collaborating with Palantir on integrating artificial intelligence into Boeing systems and on a number of “undisclosed classified and proprietary efforts focused on supporting military customers’ most sensitive missions.”

Palantir shares rose 1.8 per cent, while Nvidia and Amazon fell 2.8 per cent and 3.0 per cent, respectively.

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Kenvue climbed 1.6 per cent, winning back some of the losses from the prior session when President Donald Trump urged pregnant people not to take the company’s Tylenol medication.

The World Health Organization and other medical experts rejected Trump’s comments linking the drug to autism. AFP