The Dow Jones is down today due to a combination of factors weighing on U.S. equities, including pressure from tech and AI stocks after recent gains, expectations around Federal Reserve policy and rate cuts, and broader concerns about the sustainability of high valuations in high-growth areas. Additionally, market sentiment has been affected by ongoing expectations about economic data and potential regulatory or geopolitical developments that influence risk appetite.

Key drivers observed in recent sessions include:

• Tech and AI stock weakness weighing on the major averages, with notable declines in large-cap tech names.

• Uncertainty around future monetary policy, specifically whether the Federal Reserve will deliver additional rate cuts or hold steady, contributing to volatility in equity prices.

• Rotation away from high-valuation growth names toward more defensively valued or economically sensitive sectors, which can push the Dow lower on risk-off days.

What to watch next:

• Major indices reaction to upcoming macro data releases (inflation, employment), and any statements from Fed officials that could influence rate expectations.

• Earnings season progress, particularly guidance from technology and AI-related companies, which often drive sentiment for growth stocks.

• Any unexpected geopolitical or regulatory developments that could affect market risk appetite.

If you’d like, I can pull the latest day’s headlines and summarize the primary catalysts in real time, or check specific stocks contributing most to today’s move.