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Aug 1 - Wall Street's main indexes reversed course and slumped on Thursday, weighed by megacap tech and chip stocks, while small-caps bore the brunt of selling pressure on renewed fears of a slowdown in the U.S. economy.
Most megacap stocks fell, with Apple , and Amazon.com , down over 1% each ahead of their quarterly results after markets close, while Tesla , slumped 4%. However, Meta Platforms , bucked the trend with a 6.4% jump after its second-quarter revenue beat and upbeat third-quarter sales forecast pointed to the possibility that its artificial intelligence costs would be covered. The S&P 500 Communication Services , index also gained 1.3%.
After Fed chief Jerome Powell offered the stock market a likely pivot to policy easing in September, investors are now trying to gauge if the central bank will be able to ease policy at a pace consistent with achieving the much awaited"soft landing" for the economy.
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