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

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.

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