[New York Stock Exchange] Stocks fall across the board after Warsh says 'there is still work to do'... Big tech mostly gains

[Financial News]  

The three major indexes on the NYSE turned lower a day after rebounding.
Kevin Warsh, chairman of the Federal Reserve System (FRS), dampened the market after suggesting the possibility of a rate hike in his keynote speech at the Jackson Hole Economic Policy Symposium, saying, "There is still work to do."
Meanwhile, NVIDIA Corporation, which had surged nearly 9% the previous day, fell 4.6% as investors rushed to lock in profits.

The three major indexes all declined.
The Dow Jones Industrial Average ended slightly lower, down 9.45 points, or 0.02%, from the previous session at 53,559.99 after fluctuating in late trading.
The Standard & Poor's 500 Index (S&P 500) fell 19.23 points, or 0.25%, to 7,711.76, while the Nasdaq dropped 138.93 points, or 0.52%, to 26,402.42.
However, all three indexes posted weekly gains.
The Dow rose 0.53%, while the S&P 500 and Nasdaq gained 0.49% and 0.85%, respectively.

According to the CME Group Inc. FedWatch Tool, options traders see a 57% chance that the Fed will raise its benchmark rate by 0.25 percentage point at the Federal Open Market Committee (FOMC) meeting on Sept. 16-17. Prediction markets Kalshi and Polymarket also priced in nearly a 50% chance of a rate hike.
On Kalshi, the chance of the Fed holding rates steady next month had stood at 70% before Warsh's remarks, but the hawkish comments shifted expectations toward a rate hike.
Treasury yields jumped on the rate-hike outlook.
The benchmark 10-year yield surged 0.054 percentage point to 4.726%, while the 30-year yield, the long-term benchmark, rose 0.022 percentage point to 5.213%.
The 2-year yield, which is highly sensitive to market expectations for Fed policy, jumped 0.124 percentage point to 4.356%.

Big tech stocks were mostly strong. Only NVIDIA Corporation and Tesla struggled.
NVIDIA Corporation slid to $217.55, down $10.43, or 4.57%, as investors took profits after the previous day's sharp rally. Tesla closed at $348.75, down $6.06, or 1.71%.
By contrast, Alphabet Inc. rose $5.94, or 1.74%, to $346.59, and Apple Inc. climbed $5.12, or 1.63%, to $319.70.
Microsoft (MS) gained $8.47, or 1.68%, to $513.53, while Palantir Technologies rose $0.36, or 0.19%, to $186.29.
Amazon.com, Inc. jumped 3.97%, Meta Platforms Inc. advanced 1.21%, and SpaceX also rose 0.45%.

Semiconductor stocks were weak.
Along with selling in NVIDIA Corporation, Marvell Technology was hit hard after it plunged more than 10% following quarterly earnings that included gross margin guidance below market expectations.
Marvell Technology plunged $24.83, or 10.28%, to $216.62.
Advanced Micro Devices, Inc. (AMD) fell $11.09, or 2.33%, to $465.58, and Intel dropped $2.62, or 2.85%, to $89.47.
Memory chip stocks, however, did not see steep losses.
Micron Technology, Inc. closed at $932.86, down $2.53, or 0.27%, while SK Hynix American depositary receipts (ADRs) fell $0.57, or 0.35%, to $161.04.
SanDisk Corporation ended slightly higher, up $0.03, or 0.00%, at $1,484.98.
Semiconductor exchange-traded funds (ETFs) also weakened.
The iShares Semiconductor ETF (SOXX) fell $16.81, or 3.20%, to $508.62, while the Roundhill Memory ETF (DRAM) dropped $0.94, or 1.65%, to $55.89.

Quantum computing stocks were hit hard amid concerns over higher interest rates.
IonQ, Inc., the sector leader, plunged $3.26, or 7.68%, to $39.20.
Rigetti Computing, Inc. fell $0.85, or 5.17%, to $15.59, and D-Wave Quantum Inc. dropped $0.91, or 5.08%, to $16.99.

[email protected] Song Kyung-jae Reporter