U.S. Markets Tread Cautiously in Afternoon Trading as Fed Rate Cut Looms

Market Overview - U.S. equity markets are showing mixed performance as investors await the Federal Reserve's interest rate decision, with expectations for the first rate cut of the year [1][5] - The Dow Jones Industrial Average (DJIA) is up approximately 0.5% to 0.7%, nearing 46,000 points, indicating strength in blue-chip stocks [2] - The S&P 500 (SPX) is slightly down by about 0.1% to 0.2%, hovering around 6,600 points, following a record high of 6,624 points [3] - The Nasdaq Composite (IXIC) is under pressure, declining between 0.4% and 0.6%, primarily due to negative news affecting semiconductor companies [4] Economic Indicators - Retail sales for August increased by 0.6%, exceeding expectations of 0.3%, while housing starts fell by 8.5% month-over-month, indicating mixed economic signals [6] Corporate Earnings - General Mills (GIS) reported fiscal Q1 results that beat analyst expectations, while Manchester United (MANU) also released earnings today [7] - Upcoming earnings reports include Cracker Barrel Old Country Store (CBRL) and Sangoma Technologies (SANG) [7] Major Stock Movements - Nvidia (NVDA) shares are down approximately 2% to 3% due to reports of a halt in AI chip purchases by Chinese tech companies [9] - Other tech stocks like Broadcom (AVGO) and Palantir Technologies (PLTR) are also experiencing declines of 4% and 3.5% respectively [10] - Eli Lilly (LLY) was downgraded to a "hold" rating, while Kroger (KR) received an upgrade to "buy" [11] - Workday (WDAY) shares surged nearly 7% to 7.5% after Elliott Investment Management disclosed a significant stake [12] - StubHub (STUB) debuted on the NYSE at $23.50 per share but was trading down around 4% in the afternoon [13] - Among major tech stocks, Apple (AAPL) is down 5% year-to-date, while Amazon (AMZN) has a year-to-date gain of 6.28% despite recent declines [14] - Oracle (ORCL) shares gained 1.5% on news of its involvement in a consortium for TikTok, while Chipotle Mexican Grill (CMG) shares rose by 1.9% due to a share buyback announcement [15] - ADTRAN Holdings (ADTN) plummeted 15.1% after a convertible notes offering, and Dave & Buster's Entertainment (PLAY) fell 16.7% following disappointing earnings [15] - Lyft (LYFT) shares jumped 14.3% after announcing a partnership with Waymo for autonomous ride-hailing [15]