NEW YORK, Sept. 24 (Reuters/AP) – U.S. stocks slipped Wednesday as investor optimism waned in the face of renewed caution from the Federal Reserve and mixed corporate earnings. The S&P 500 fell 0.3%, the Nasdaq dropped 0.3%, and the Dow Jones Industrial Average declined 0.4%, snapping a two-day winning streak.
Markets were unsettled after Fed Chair Jerome Powell warned that equity valuations remain “fairly high,” reinforcing concerns that interest rates could stay elevated longer than previously expected.
Notable Movers:
- Micron Technology (MU) dropped 2.8% despite posting better-than-expected earnings. Investors appeared unimpressed with forward guidance and took profits after a recent run-up.
- Freeport-McMoRan (FCX) plunged 17% after slashing its Q3 copper and gold output forecast due to operational disruptions. The warning hit broader materials and mining stocks.
- Lithium Americas (LAC) surged over 90% following reports that the U.S. government may take a direct stake in its Nevada lithium project, fueling a rally across the lithium sector.
- Apple (AAPL) slipped 0.9%, extending its pullback as tech names faced pressure across the board amid rising yields and concerns about valuation.
- Nvidia (NVDA) fell 1.2%, contributing to the Nasdaq’s slide as traders rotated out of high-growth names.
- ExxonMobil (XOM) rose 0.6%, with energy stocks outperforming on the back of a 2% jump in crude oil prices.
Broader Picture:
Small caps lagged, with the Russell 2000 down nearly 0.9%, as risk appetite continued to fade. The 10-year Treasury yield hovered near 4.5%, continuing to put pressure on interest-sensitive sectors such as tech and real estate.
Investors are now turning to upcoming inflation data and Friday’s PCE report for fresh signals on the Fed’s next steps. Meanwhile, earnings season rolls on with key reports due from Nike and Costco later this week.
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Ten years of experience reporting. From car chases and courtroom verdicts to House fires, Holsford thrives during breaking news and finds it a privilege to help drive the conversation in Rockland County and the Greater New York Area. Born in San Bernardino, Thomas is a New York boy at heart. He received his bachelor’s degree in broadcast journalism, specializing in political science and sociology, from the University of Illinois
