Wall Street Update: Mixed Performance as Tech and Aerospace Face Challenges

Ahead of the much-anticipated central bank meeting in Jackson Hole, set to begin on Thursday, U.S. investors remained cautious, resulting in modest market movements. The Dow Jones Industrial Average ended the day with a slight decline of 0.2%, closing at 40,834.97 points. Similarly, the broader S&P 500 fell by 0.2% to 5,597.12 points, while the tech-heavy Nasdaq 100 dipped by 0.2% to 19,719.82 points.

In the Dow Jones, the top performers were Procter & Gamble, which saw a gain of 1.2%, followed by Home Depot (up 1.2%), Walmart (up 1.1%), Microsoft (up 0.8%), and IBM (up 0.7%). On the other hand, Boeing faced significant pressure, with its shares dropping 4.2%. This decline came after Boeing announced the suspension of test flights for its long-delayed 777X model due to damage found at the connection between the engine and the wing. According to Ken Herbert, an analyst at RBC, this issue could potentially delay the start of deliveries in 2025. Intel also struggled, ending the day as one of the worst performers in the Dow Jones with a 2.5% loss.

The S&P 500’s leaderboard was topped by Palo Alto Networks, which surged by 7.2%. PayPal also posted notable gains, rising 3.5%, while Eli Lilly climbed 3.1%, buoyed by positive study results related to its diabetes and weight loss treatments.

In the Nasdaq 100, Netflix stood out with a 1.5% increase, ranking among the day’s strongest performers. Meanwhile, Tesla shares experienced volatility; after initially gaining on news of EU tariffs on electric vehicles imported from China, the stock reversed course and ended the day down 0.7%.