Palantir Technologies signage on an options contract ticker as traders work on the floor of American Stock Exchange at the New York Stock Exchange in New York, U.S., on Friday, June 20, 2025.<\/p>\n
Michael Nagle | Bloomberg | Getty Images<\/p>\n
If you have any U.S. technology stocks in your portfolio (and let’s face it, who doesn’t?), you might want to look away.<\/p>\n
For the second day in a row, tech stocks dragged markets lower, with the Nasdaq Composite<\/a> slipping 0.67%. Juggernauts such as Apple<\/a>, Amazon<\/a> and Alphabet<\/a> were more meh-nificent than magnificent, falling more than 1%.<\/p>\n Palantir<\/a> \u2014 the standout S&P 500<\/a> stock, having more than doubled so far this year \u2014 spent its sixth consecutive day in the red and lost its place among a ranking of the 20 most valuable U.S. companies<\/a>.<\/p>\n While Palantir’s slide was partly triggered by a report from short seller Andrew Left’s Citron Research, which called the company “detached from fundamentals and analysis,” there was no single trigger for the broader pullback.<\/p>\n Investors could have been spooked by OpenAI CEO Sam Altman’s caution about an AI bubble forming<\/a>, although some analysts dispute that assertion. “In our view the tech bull cycle will be well intact at least for another 2-3 years,” said<\/a> Wall Street tech bull Dan Ives.<\/p>\n Or it could be something benign, like traders locking in profits. “Tech stocks,” said Carol Schleif, chief market strategist at BMO Private Wealth, “have had an incredibly strong run \u2013 with some up over 80% since the early April lows.”<\/p>\n Summer, after all, is far from over. Some investors might have just wanted to cash out for another round of margaritas.<\/p>\n What you need to know today<\/p>\n Fed officials divided over inflation and employment worries. <\/strong>Central bank governors generally agreed there were risks on both sides<\/a>. But a couple \u2014 breaking from the majority \u2014 saw the labor market woes as more pressing, according to minutes of the Fed’s July meeting.<\/p>\n Trump likely to pick Kevin Hassett as next Fed Chair<\/strong>. The director of the National Economic Council firmly led the pack, according to a CNBC Fed Survey<\/a>. However, respondents think the president “should” pick former Fed Governor Kevin Warsh.<\/p>\n No new solar or wind power projects, Trump says. <\/strong>Renewable energy projects will no longer receive approval<\/a>, Trump posted<\/a> Wednesday on Truth Social. His comment comes after the administration already\u00a0tightened federal permitting<\/a> last month.\u00a0<\/p>\n Fourth day of losses for the S&P 500. <\/strong>Investors continued selling off technology stocks<\/a> on Wednesday, with Palantir having its sixth straight losing day<\/a>. The U.K.’s FTSE 100<\/a> closed at another high<\/a> despite inflation in July coming in hotter than expected<\/a>.<\/p>\n [PRO] The Fed is expected to cut just as markets trade at highs. <\/strong>This is what tends to happen when both factors coincide<\/a>, according to Goldman Sachs research.<\/p>\n And finally…<\/p>\n United States President Donald Trump participates in a Multilateral Meeting with European Leaders in the East Room of the White House in Washington, DC, US. Picture date: Monday August 18, 2025.<\/p>\n Aaron Schwartz – Pa Images | Pa Images | Getty Images<\/p>\n Trump has snapped up more than $100 million in bonds since taking office<\/strong><\/a><\/p>\n