Markets Fall Midday as Tech Rally Fades Ahead of Speech by Fed Chair Powell

U.S. equity markets fell in midday trading Thursday as tech gains following Nvidia's earnings beat faded ahead of Fed Chair Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, which begins today. The Dow and S&P 500 were down 0.7%, while the Nasdaq tumbled more than 1%.

Nvidia (NVDA) shares were up close to 4% and hit a record high after the company posted blowout results for the second quarter, with revenue more than doubling from a year ago. Shares of rival chipmaker Advanced Micro Devices (AMD) tumbled 6% after announcing it would acquire AI software company Mipsology, giving back gains after surging in after-hours trading yesterday.

Dollar Tree (DLTR) shares tumbled more than 10% and led losses on the S&P 500 after the discount retailer said margins fell in the latest quarter as theft-related costs rose. Shares of Bath & Body Works (BBWI) shed close to 6%, a day after the retailer said profit and sales fell in the second quarter.

Boeing (BA) shares fell more than 3% after the plane maker said a manufacturing flaw could delay deliveries of its 737 MAX. Netflix (NFLX) shares were also down, giving back yesterday's gains after a report showed the streaming giant added 2.6 million subscribers amid a password-sharing crackdown.

Treasury yields rebounded slightly, with the yield on the 10-year note at 4.23%. Crude oil prices were flat-to-higher, with the price of WTI crude just above $79 per barrel. The U.S. dollar rallied against the euro, pound, and yen. Prices of major cryptocurrencies reversed course and fell, with the price of Bitcoin down almost 2% near $26,100.