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Stocks slipped on Tuesday, with the Dow Jones Industrial Average easing 50 points, or 0.2%, from record highs. The S&P 500 dipped 0.4% while the Nasdaq Composite pulled back by 0.7%.
The Dow had reached new intraday and closing record highs on Monday, but the broader market struggled as tech shares faced pressure. Investors are now turning their attention to Nvidia’s upcoming earnings report, which is set to be released on Wednesday. Nvidia, a key player in the artificial intelligence sector, saw its shares fall nearly 1% on Tuesday. The company’s second-quarter results are expected to provide insight into the health of the AI industry and tech stocks in general.
The stock market has been trying to regain stability after a tough start to the month. However, optimism has been growing among investors following remarks from Federal Reserve Chair Jerome Powell. Powell hinted on Friday that the central bank’s next move will likely be to cut interest rates, though he did not specify the timing or extent of the reduction. Traders are widely anticipating a rate cut of at least 25 basis points at the Fed’s policy meeting on September 17-18.