CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer

If you person immoderate U.S. exertion stocks successful your portfolio (and let's look it, who doesn't?), you mightiness privation to look away.

For the 2nd time successful a row, tech stocks dragged markets lower, with the Nasdaq Composite slipping 0.67%. Juggernauts specified arsenic Apple, Amazon and Alphabet were much meh-nificent than magnificent, falling much than 1%.

Palantir — the standout S&P 500 stock, having much than doubled truthful acold this twelvemonth — spent its sixth consecutive time successful the reddish and mislaid its spot among a ranking of the 20 astir invaluable U.S. companies.

While Palantir's descent was partially triggered by a study from abbreviated seller Andrew Left's Citron Research, which called the institution "detached from fundamentals and analysis," determination was nary azygous trigger for the broader pullback.

Investors could person been spooked by OpenAI CEO Sam Altman's caution astir an AI bubble forming, though immoderate analysts quality that assertion. "In our presumption the tech bull rhythm volition beryllium good intact astatine slightest for different 2-3 years," said Wall Street tech bull Dan Ives.

Or it could beryllium thing benign, similar traders locking successful profits. "Tech stocks," said Carol Schleif, main marketplace strategist astatine BMO Private Wealth, "have had an incredibly beardown tally – with immoderate up implicit 80% since the aboriginal April lows."

Summer, aft all, is acold from over. Some investors mightiness person conscionable wanted to currency retired for different circular of margaritas.

Fed officials divided implicit ostentation and employment worries. Central slope governors mostly agreed determination were risks connected some sides. But a mates — breaking from the bulk — saw the labour marketplace woes arsenic much pressing, according to minutes of the Fed's July meeting.

Trump apt to prime Kevin Hasset arsenic adjacent Fed Chair. The manager of the National Economic Council firmly led the pack, according to a CNBC Fed Survey. However, respondents deliberation the president "should" prime erstwhile Fed Governor Kevin Warsh.

No caller star oregon upwind powerfulness projects, Trump says. Renewable vigor projects volition no longer person approval, Trump posted Wednesday connected Truth Social. His remark comes aft the medication already tightened national permitting past month. 

Fourth time of losses for the S&P 500. Investors continued selling disconnected exertion stocks connected Wednesday, with Palantir having its sixth consecutive losing day. The U.K.'s FTSE 100 closed astatine different high contempt ostentation successful July coming successful hotter than expected.

[PRO] The Fed is expected to chopped conscionable arsenic markets commercialized astatine highs. This is what tends to hap when some factors coincide, according to Goldman Sachs research.

Trump has snapped up much than $100 cardinal successful bonds since taking office

U.S. President Donald Trump has been connected a multimillion-dollar bond-buying spree since taking bureau successful January, investing successful indebtedness issued by section authorities, state districts and large American corporations.

Across 33 pages of filings with the U.S. Office of Government Ethics, oregon OGE, dated Aug. 12, the president outlined 690 transactions that person taken spot since helium took office. The documents were made nationalist connected Tuesday.

— Chloe Taylor