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Stocks Stall After Powell Cautions on Cuts, With PCE Data in Focus

A brief pullback followed record highs driven by Nvidia's $100 billion OpenAI buildout.

Overview

  • U.S. equities fell Tuesday after Jerome Powell warned against rate cuts that are too sustained, with the Dow down 0.19%, the S&P 500 off 0.55% and the Nasdaq lower by 0.95%.
  • Investors are now focused on Friday’s PCE inflation release, the Fed’s preferred gauge, as CME FedWatch still implies additional quarter‑point reductions later this year.
  • Mega‑cap tech saw profit‑taking after Monday’s surge tied to Nvidia’s $100 billion plan to build OpenAI data centers, with Nvidia down 2.82% and other leaders also weaker.
  • Eurozone private‑sector PMI rose to 51.2 in September, contrasting with France’s continued contraction at 48.4, and the CAC 40 ended Tuesday up 0.54% after a Monday dip.
  • Healthcare news shaped stock moves as EU advisers issued a positive opinion for Dupixent in chronic spontaneous urticaria and the WHO said there is no proven paracetamol–autism link.