Wall Street held steadier on Wednesday following the previous day’s sharp slide in artificial intelligence stocks including Nvidia and Palantir. The S&P 500 dipped 0.1 per cent in early trade, extending its three-day losing run after hitting an all-time high last week. The Dow Jones Industrial Average edged up 32 points while the Nasdaq Composite fell 0.5 per cent, AP reported.The mixed trend reflected a flurry of earnings updates from major US retailers. Target tumbled 9 per cent after announcing that CEO Brian Cornell will step down on February 1, to be succeeded by Chief Operating Officer Michael Fiddelke, a 20-year company veteran. Target also reported a 1.9 per cent fall in comparable-store sales, marking declines in eight of the past ten quarters.On the winning side, Lowe’s jumped 3.4 per cent after its latest quarterly profit topped expectations. The home-improvement chain also announced an $8.8 billion acquisition of Foundation Building Materials, a distributor of interior building products.Elsewhere, Estee Lauder slid 7.5 per cent as the cosmetics company posted an 8 per cent drop in sales for fiscal 2025 and a steep decline in adjusted per-share profit.Investors are now looking ahead to Friday, when Federal Reserve Chair Jerome Powell will deliver a highly anticipated speech at Jackson Hole, Wyoming. According to AP, the Fed has kept its benchmark rate steady this year amid concerns that tariffs imposed by President Donald Trump could push inflation higher, though weaker-than-expected job growth is adding pressure for a potential rate cut.In global markets, France’s CAC 40 inched up 0.2 per cent while Germany’s DAX dipped 0.3 per cent. Britain’s FTSE 100 rose 0.4 per cent despite higher-than-expected inflation. Japan’s Nikkei 225 slid 1.5 per cent on weak July exports, dragging down chip-equipment makers like Advantest and Disco Corp., while Taiwan’s Taiex slumped 3 per cent as TSMC dropped 4.2 per cent.China’s Shanghai Composite gained 1 per cent after the central bank kept lending rates unchanged, while Hong Kong’s Hang Seng rose 0.2 per cent. Pop Mart International Group surged 12.5 per cent in Hong Kong after its CEO projected revenue could top $4 billion this year and announced the release of a mini version of its popular Labubu dolls.South Korea’s Kospi slipped 0.7 per cent after North Korean leader Kim Jong Un condemned ongoing South Korean-US military drills and vowed rapid nuclear expansion.
