US stocks closed mixed after investors sold off technology stocks and shifted to lower-value sectors as they awaited Federal Reserve (Fed) officials' remarks at the Jackson Hole conference this week.
Technology stocks that had previously led the recovery from Wall Street's sell-off in April fell again, while energy, healthcare and consumer staples sectors rose.
Nvidia, Advanced Micro Devices, Intel and Micron opened lower. The market is now awaiting Nvidia's quarterly results on August 27 for a clue to the direction of demand for artificial intelligence (AI).
The S&P 500 index fell 0.26% to 16.40 points, the tech-focused Nasdaq fell 0.68% to 144.76 points, while the Dow Jones rose 0.00% to 1.48 points.
Investors are now worried about government intervention as President Donald Trump's administration considers taking a stake in Intel after the extraordinary revenue deal between Nvidia and AMD.
In other news, minutes from the July FOMC meeting also showed that almost all policymakers agreed to keep the federal funds rate at 4.25% to 4.50%, although two members disagreed.
Meanwhile, Fed Chairman Jerome Powell is scheduled to speak on Friday at the central bank's annual conference in Jackson Hole, Wyoming, with markets watching his remarks for clues on the direction of interest rates.
Investors are also paying attention to Trump's call for the ouster of Fed Governor Lisa Cook following allegations that she was involved in a home mortgage fraud.
