NASDAQ opened low on Wednesday as stocks appeared to be stable after tech stocks led a major gauge slipped defeat this week ahead of the Federal Reserve meeting and major economic events.
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- The Nasdaq Composite opened on Wednesday, with the Tech Heavy Index down 0.5% in early trading.
- Stocks were showing weakness as investors await the minutes of the Federal Reserve.
- Bitcoin fell sharply along tech stocks, trading nearly $113,000.
The Dow Jones industrial average rose about 60 points, with the S&P 500 falling 0.15% just below the flatline. However, the high-tech NASDAQ composites are now down by more than 0.5%.
Nasdaq Composite’s slight dip follows the issuance of bruising on risk assets on Tuesday, followed by the broader weaknesses of top tech stocks, including all “Magnificent Seven,” including Apple, Microsoft, Amazon, Google Parent Alphabet, Meta, Nvidia, and Tesla.
Downswings from these and other companies dragged the Nasdaq to near -1.46% and the S&P 500 to near -0.59%. This impact across a wider market has seen widespread sales to cryptocurrency and other risky assets as investors scrambled for safe transactions.
Top digital asset Bitcoin (BTC) fell sharply to a low of $112,570. The recent peak has exceeded $124,000.
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Corporate profits
The overall weakness meant that stocks and crypto fell in early trading during the US session as Wall Street overwhelmed market sentiment amid the company’s revenue.
In particular, the target stock fell 9% as the retailer’s revenue report showed further declines in sales, revealing a new CEO expected to take over on February 1, 2026.
Feed on the deck for a few minutes
Also in the minds of investors are the minutes of the Federal Reserve System for the July meeting. This week we are also looking at Federal Reserve Chair Jerome Powell, who will be speaking at the Jackson Hole Symposium in Wyoming.
The event brings together economic policymakers, government officials and key market players. Powell’s speech at the annual policy symposium will be held Friday morning.
According to the CME FedWatch tool, the Fed decision to stabilize interest rates at the previous meeting made it more likely that the cut would be higher in September.
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