US stock market: S&P 500, Dow slip; Nasdaq gains
The US stock market was all over the place on Wednesday—S&P 500 and Dow both slipped after hitting highs earlier, while the Nasdaq managed a small gain thanks to tech stocks holding strong.
Why does this matter?
Big moves came after President Trump suggested blocking Wall Street from buying single-family homes, which hit financial and housing stocks hard.
Defense companies also dropped as Trump called for a pause on dividends and buybacks until contractor equipment issues are fixed.
What's behind the shifts?
As financials and defense took a hit, investors shifted to AI and big tech names like NVIDIA, Microsoft, and Alphabet—all of which saw their shares climb.
Meanwhile, weaker job data has people betting that the Federal Reserve might cut interest rates soon, keeping markets sensitive to any news about earnings or policy changes.