Overview
- Major U.S. indexes slipped as the Dow closed down $9.45 at 53,559.99 and the Nasdaq fell 138.93 points to 26,402.42.
- The Federal Reserve chair said at an economic symposium that he would not rule out additional rate increases, a comment markets read as raising the chance of a September hike and prompting selling.
- Trading mixed between selling on the rate outlook and purchases of stocks seen as undervalued produced uneven market action rather than a broad rally.
- Strength remained concentrated in semiconductors and large technology names while some individual movers included declines in NVIDIA and 3M and gains in Amazon.
- The pullback trimmed earlier tech-led advances that had carried U.S. gains into Tokyo, and investors are awaiting further Fed signals before committing to broader risk-taking.