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3h ago

U.S. Stocks Slip on Slower Services Growth and Tariff Threats

Investors are reacting to a cooling services sector under the prospect of broad new tariffs on semiconductors, pharmaceuticals.

green bull red bear stock market mixed lower
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Overview

  • U.S. equities declined at midday trading on August 5, with the S&P 500 and Nasdaq down about 0.5% and the Dow off 0.3%.
  • The Institute for Supply Management’s services PMI fell to 50.1 in July, below the 51.5 forecast and slower than June’s 50.8 reading.
  • President Trump’s comments on imminent semiconductor duties weighed on Nvidia and other chipmakers.
  • Gartner’s shares plunged after the advisory firm cut revenue guidance for its largest research unit, making it the worst-performing stock in the S&P 500.
  • Corporate results were mixed as Axon Enterprise beat estimates and raised its outlook, Palantir topped $1 billion in quarterly revenue and lifted guidance, DuPont raised its full-year forecast, and Vertex Pharmaceuticals shares tumbled after discontinuing an experimental pain drug.