On Wednesday, August 28, the U.S. stocks ended lower as investors awaited Nvidia’s key quarterly report, which could impact the AI-driven market rally. Nvidia’s shares dipped 2.1%, though they’ve surged 154% this year. The report follows concerns about rising spending by tech giants like Microsoft and Alphabet in the AI sector.
Economic data shows that U.S. mortgage applications increased by 0.5% during the week ending August 23 compared to the previous week.
Out of the 11 S&P 500 sector indexes, eight declined, led by information technology and consumer discretionary, while financials and healthcare stocks bucked the trend, closing the session higher.
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