A mixed trading session took shape Tuesday on Wall Street, as investors rotated out of high-flying tech stocks and into lagging sectors.
By midday in New York, the Nasdaq 100 dropped 0.7% to 22,500 points, while small caps in the Russell 2000 jumped 1.9% and the Dow Jones Industrial Average climbed 1.2%, reflecting strength in blue-chip and small-cap names. The S&P 500 was flat at 6,200 points.
Shares of Palantir Technologies Inc. (NASDAQ:PLTR) fell 4% despite a lack of major news, as investors appeared willing to take some profits following a year-to-date rally of over 70%.
Powell Keeps July Rate Cut On the Table
Speaking at the European Central Bank’s symposium in Sintra, Fed Chair Jerome Powell signaled that most officials still expect to cut interest rates later this year.
Notably, Powell rejected …