Key facts
- US stock indexes finished mixed Tuesday, with the Dow Jones Industrial Average reaching a new record high.
- The S&P 500 fell 0.6%, and the Nasdaq Composite declined 1.2%.
- Oil prices dropped below $80 per barrel for the first time since early March.
- The Federal Reserve is expected to maintain its current interest rate range of 3.50-3.75%.
- The Bank of Japan raised interest rates to a 31-year high.
- Qualcomm is reportedly in talks to acquire AI chip startup Tenstorrent for $8 billion to $10 billion.
U.S. stock indexes finished Tuesday with a mixed performance, as the Dow Jones Industrial Average reached a new record high, while the S&P 500 and Nasdaq Composite declined. Oil prices continued to fall, dropping below $80 per barrel for the first time since early March, amid ongoing optimism following a tentative deal between the U.S. and Iran to end hostilities and reopen the Strait of Hormuz.
Investors are now shifting their focus to the Federal Reserve's upcoming interest rate decision, with the central bank widely expected to maintain its current range of 3.50-3.75% at the conclusion of its policy meeting on Wednesday. Traders are anticipating comments from new Fed Chair Kevin Warsh for insights into future monetary policy.
Meanwhile, the Bank of Japan raised its interest rates to a 31-year high earlier on Tuesday, a move aimed at curbing inflation. In corporate news, Qualcomm is reportedly in discussions to acquire AI chip startup Tenstorrent for an estimated $8 billion to $10 billion. Conversely, Dave & Buster's Entertainment saw its shares drop significantly after failing to meet earnings and revenue expectations.