Equity Alert
Sell-off continues in tech-heavy Nasdaq; Powell's speech eyed
This story was originally published at 07:50 IST on 21 August 2025
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Equity Alert: Sell-off continues in tech-heavy Nasdaq; Powell's speech eyed
MUMBAI--0720 IST--The technology-heavy Nasdaq Composite index extended losses and ended in the red on Wednesday, with investors shedding shares of technology companies due to concerns about demand for aritificial intelligence in the future. The two other benchmark US indices – Dow Jones Industrial Average and Nasdaq Composite – ended largely muted. Traders will now track Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.
The Nasdaq fell 0.7% to close at 21172.857 points and the S&P 500 closed 0.2% lower at 6395.78 points. The Dow Jones Industrial Average ended Wednesday's session marginally higher at 44938.31 points.
Weakness in technology stocks was likely due to concerns about rich valuations and as investors turned risk-averse, exiting their profitable positions. US President Donald Trump's increasing influence over tech companies also made investors rethink their bets. US Commerce Secretary Howard Lutnick is looking into the government buying equity stakes in Intel and other chip-makers, Reuters reported, quoting two people in the know. This was in exchange for grants under the 'CHIPS Act', the report said.
"Technology in general is up 40% from its April lows, and the group clearly got ahead of itself," said Art Hogan, market strategist, B. Riley Wealth Management. "Also, if there's anything to the market consensus that we'll see a Fed rate cut, then there will be room for other things to work as well – and there are 493 other stocks in the S&P 500 that are lagging the Mag 7 right now. So, I think there's a bit of a rotation," he added.
Minutes from the US Fed's July meeting, where interest rates were held at 4.25-4.50%, showed it appropriate to maintain the target range for the federal funds rate, despite two objections. Powell's remarks on the near-term outlook for interest rates will be keenly watched as traders are almost fully pricing in a rate cut at the September meeting.
Following are the closing levels of US indices Wednesday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 44938.31 | 0.04 |
| NASDAQ Composite | 21172.86 | (-)0.67 |
| S&P 500 | 6395.78 | (-)0.24 |
(Gopika Balasubramanium)
US$1 = INR 86.07
End
Edited by Avishek Dutta
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