On Tuesday local time, the three major U.S. stock indices were mixed, with sharp declines in the share prices of several well-known chip manufacturers dragging down the S&P 500 and Nasdaq. As of the close, the Dow rose by 10.45 points, or 0.02%, to 44,922.27; the Nasdaq fell by 314.82 points, or 1.46%, to 21,314.95; and the S&P 500 fell by 37.78 points, or 0.59%, to 6,411.37.

Most major tech stocks declined, with AMD falling over 5%, and Nvidia dropping over 3%, marking its largest single-day decline since April 21. Netflix and Meta fell over 2%, while Tesla, Microsoft, and Amazon declined over 1%. Apple and Google saw slight decreases. Intel bucked the trend, surging about 7%. Reports indicated that Japan’s SoftBank Group and Intel had jointly announced that SoftBank would invest $2 billion in Intel to acquire common shares at $23 per share. Viking Therapeutics (VKTX) fell over 42%, recording its worst single-day performance since its U.S. IPO.

Popular Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index closing down 0.9%. Xunlei fell over 10%, Weibo dropped over 6%, Kingsoft Cloud declined nearly 5%, iQiyi and Sohu fell over 2%, while JD.com, Alibaba, NetEase, and Baidu dropped over 1%.

This week, central bank officials from around the world will gather in Jackson Hole, Wyoming, for the Federal Reserve’s annual economic symposium. The market is eagerly awaiting the latest speech from Fed Chair Jerome Powell to gain insights into the future direction of Fed policy. Bank of America strategists, including Mark Cabana, believe that Powell may not be as dovish as the market expects.