Market Close — Stocks Slip as Powell Stays Cautious; ASM Warning Weighs on Tech

U.S. stocks finished lower Tuesday, with technology shares leading declines after a cautious tone from the Federal Reserve and a downbeat update from a key chip-equipment supplier. The Dow Jones Industrial Average fell 88.76 points, or 0.19%, to 46,292.8. The S&P 500 lost 36.79 points, or 0.55%, to 6,656.96, while the Nasdaq Composite dropped 215.50 points, or 0.95%, to 22,573.5.

Fed Chair Jerome Powell largely repeated his recent guidance , saying policy remains “modestly restrictive” and cautioning that “there is no risk-free path” as the central bank balances sticky inflation against a cooling labor market. The absence of fresh signals kept risk appetite in check and offered little fodder for a “Fed put,” echoing Powell’s emphasis on data-dependence.

On the consumer front, fresh research from the Bank of America Institute showed August total card spending per household up 1.7% year over year, with signs that easing rent growth is narrowing the spending gap between renters and homeowners. That detail underscores a shifting burden for younger cohorts—more likely to rent—amid a softer job market.

Semiconductor sentiment cooled after ASM International cut its full-year outlook , citing weaker-than-expected second-half demand and bookings below a one-to-one book-to-bill ratio. While the company reiterated long-term targets, the update challenged the market’s straight-line expectations for chip-equipment demand and added pressure to tech benchmarks into the close.

Commodities offered a mixed backdrop: crude oil (Nov ’25) settled at $63.69, up 2.26%, supported by a steady intraday climb, while gold (Dec ’25) rose 0.52% to $3,794.80, reflecting modest haven interest as equities slipped.

Taken together, the session reflected a market resetting to steady—but unspectacular—macro guidance from the Fed, incremental consumer data pointing to uneven spending power, and sector-specific caution in semiconductors. With indexes easing and oil firmer, investors head into the next data run focused on whether disinflation and growth can stay balanced without forcing the Fed’s hand.