FX.co ★ US Stocks Little Changed Ahead of Fed Minutes

US equities finished mixed, with early weakness in high-valuation technology names offset by strength in financials. The S&P 500 closed up 0.2%, the Dow posted a modest gain, while the Nasdaq 100 ended slightly lower.

Investors continued to cut exposure to expensive software stocks: Salesforce fell 2.9%, Intuit declined 5.1%, and Oracle dropped 3.8%. Within semiconductors, performance was uneven, underscoring selective positioning among AI leaders—AMD slipped 2.1%, whereas Nvidia advanced 1.2%.

Financials outperformed, supported by a move higher in bank shares. JPMorgan rose 1.5% and Citigroup gained 2.7% after Fed Vice Chair for Supervision Michael Barr indicated that interest rates may need to stay restrictive for an extended period, reinforcing expectations for stronger net interest margins.

Attention now turns to the release of the Federal Reserve’s meeting minutes and Friday’s core PCE data, as investors look for confirmation that the disinflation trend remains intact.