US Market Close | U.S. Stocks Turn Cautious as Dell Surges on Strong Earnings

U.S. stocks turned cautious as Wells Fargo joined JPMorgan in taking a more guarded view on the market. According to Sina Finance, the bank said investors are increasingly worried about whether the AI investment boom can continue, and that sentiment in September is likely to be broadly cautious. Dell Technologies jumped 10% in after-hours trading after reporting second-quarter revenue of $46.97 billion, above expectations, and raising its full-year outlook for AI servers. According to Sina Finance, the company also said adjusted earnings per share came in at $7.04, while net income rose to $4.13 billion from $1.16 billion a year earlier. U.S. manufacturing activity expanded for an eighth straight month in August, but growth in new orders and employment slowed. According to Sina Finance, the ISM manufacturing index fell 1 point to 54.6, still the second-highest level since 2022. Separately, the U.S. Treasury released minutes of a meeting between Scott Bessent and Kazuo Ueda, saying Bessent strongly supported decisive market and monetary policy measures to address the yen's clearly undervalued exchange rate.