Tech Stocks Tumble as Investors Await Microsoft and AMD Earnings Reports

Creator: Gonzalo Fuentes 
| Credit: REUTERS

On Tuesday, U.S. stocks displayed a mixed performance as major technology stocks pulled down the S&P 500 and Nasdaq Composite, leading up to crucial earnings reports and significant central bank announcements.

The S&P 500 dropped 27.10 points, or 0.5%, closing at 5,436.44. This decline came after consecutive days of gains, based on data from FactSet. Similarly, the Nasdaq Composite saw a substantial decrease, falling 222.78 points, or 1.3%, to settle at 17,147.42. Contrary to this trend, the Dow Jones Industrial Average climbed 203.40 points, or 0.5%, ending the day at 40,743.33.

The stock market's mixed results were largely influenced by investor anticipation of quarterly earnings reports from tech giants Microsoft Corp. and semiconductor company Advanced Micro Devices Inc., which were due after the market closed. FactSet data revealed that shares of both Microsoft and AMD dropped by 0.9% on Tuesday.

In the bond market, U.S. Treasury yields declined as investors braced for the Federal Reserve's latest policy decision and the subsequent press conference by Fed Chair Jerome Powell scheduled for Wednesday afternoon. The Federal Reserve is widely expected to maintain the current interest rates, with hints of potential rate cuts at the upcoming September meeting.

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