S&P 500 dips amid tech sell-off; Intel rallies on SoftBank funding

Wall Street slipped Tuesday, with losses in the tech sector weighing on benchmarks, while Intel bucked the trend thanks to a major investment.

The S&P 500 dropped about 0.6%, extending a pattern of declines tied to weakness in artificial-intelligence-focused tech stocks such as Nvidia and Palantir, which fell sharply. The Nasdaq Composite registered a 1.5% decline, while the Dow Jones Industrial Average rose modestly as gains from Home Depot helped offset broader weakness.

Home Depot reported softer-than-expected second-quarter earnings, noting a pullback from spending on larger renovation projects.

Meanwhile, Intel’s stock rose sharply — up around 5-7% — after SoftBank confirmed a $2 billion investment, acquiring a 2% stake in the chipmaker. The move signals renewed confidence in Intel’s potential as U.S. officials reportedly consider taking a strategic equity position of up to 10%.

Market watchers are now focusing on retailer earnings slated for the rest of the week, along with an upcoming address by Federal Reserve Chair Jerome Powell in Jackson Hole, which could offer clues on the path of monetary policy.