Indexes ease as tech lags while energy and defensive groups show relative firmness.
SPY closed near 761.64, down roughly 0.35 percent on the session. QQQ finished softer in the 0.4 to 0.8 percent range while IWM slipped about 0.3 to 0.4 percent. Volume was orderly rather than panicked. The broader tape reflected selective pressure rather than broad liquidation.
Technology and semiconductor-linked groups absorbed the heaviest hits after public comments from AI industry leaders about the need for caution on rapid advancement. That weighed on the Nasdaq composite and related leadership. In contrast, Energy Select Sector SPDR (XLE) displayed relative firmness as oil prices pushed higher. Consumer Staples Select Sector SPDR (XLP) and Health Care Select Sector SPDR (XLV) also held up better than the averages, offering a quiet rotation into more defensive areas. Communication Services showed pockets of strength as well.
Among individual names, cybersecurity leaders stood out on the upside. Zscaler (ZS) and CrowdStrike (CRWD) posted solid gains amid the broader tech pressure, highlighting continued demand for security solutions even as pure AI momentum cooled. Energy names such as Chevron (CVX) participated in the commodity-linked firmness. These moves illustrated the selective character of the session rather than a uniform risk-off tone.
The next FOMC meeting runs September 15-16, with the rate decision due Wednesday afternoon. Markets will parse both the statement and any updated projections closely. NAAIM Exposure Index readings from recent available data remain elevated relative to longer-term averages, consistent with managers maintaining substantial equity exposure.
