US Stock Market Settles Mixed as Tech Sector Leads Declines

The US stock market settled mixed on Wednesday, with some sectors performing better than others. The Dow Jones Industrial Average posted a new all-time high, but the S&P 500 fell from its record high and the Nasdaq 100 dropped from a one-month high. The declines were led by chipmakers, including Advanced Micro Devices (AMD), which lost over 7% after its third-quarter sales forecast underwhelmed investors.

Meanwhile, Booking Holdings closed up more than 6% after reporting better-than-expected Q2 gross bookings. Amgen also rose over 3% after announcing stronger-than-expected Q2 EPS.

Hawkish comments from Fed officials added to the market's volatility, with Kansas City Fed President Jeff Schmid stating that tighter policy is needed to reduce inflation and Minneapolis Fed President Neel Kashkari suggesting that interest rates should be raised incrementally to curb inflation.