Nvidia, Palantir and other superstar AI stocks are dragging Wall Street lower again. The S&P 500 fell 0.5% Wednesday and was on track for a fourth straight loss after setting an all-time high last week. The Dow Jones Industrial Average added 3 points, and the Nasdaq composite dropped 1%. Nvidia was on track to be the heaviest weight on Wall Street again amid criticism that AI stock prices had become too expensive. Mixed profit reports from big U.S. retailers helped keep the rest of the market in check. Lowe's and TJX climbed following their updates, while Target and La-Z-Boy sank.
From Florida to New England, people trying to enjoy some of the last hurrahs of summer along the East Coast have been met with rip current warnings, closed beaches and in some cases already treacherous waves as Hurricane Erin inches closer. Forecasters expect the center of the monster storm to remain far offshore. But the outer edges are likely to bring high winds, large swells and life-threatening rip currents. The biggest swells along the East Coast could come as early as Wednesday. Authorities are prohibiting people from swimming at beaches in New York City, Long Island, New Jersey and Delaware.
Israel’s military is preparing to widen operations in some of Gaza’s most densely populated areas, possibly in the coming days. On Wednesday, Defense Minister Israel Katz approved plans for a new phase of fighting, including calling up 60,000 reservists and extending the service of 20,000 currently serving. A military official told The Associated Press that troops will move into parts of Gaza City where Israel believes Hamas remains active. Gaza City is Hamas’ main political and military stronghold, and also where hundreds of thousands of displaced people are sheltering. The plans have drawn international condemnation as mediators scramble to secure a cease-fire.
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