Overview

• The Nasdaq fell nearly 1% and the S&P 500 lost about 0.6%, ending a run of record closes for U.S. equities.
• Traders still price roughly a 95% chance of an October rate cut, even as Powell offered no timeline for further easing.
• Technology shares led declines as Nvidia dropped about 2.8% on skepticism over its OpenAI investment plan reported at $100 billion, with Amazon, Microsoft and Apple also lower.
• Asian stocks rebounded, helped by a 9% jump in Alibaba after it unveiled its largest AI model, and Hong Kong’s STAR 50 rose about 3.6%.
• Boeing gained after securing an $8 billion Uzbekistan Airways order, helping cushion the Dow’s decline.