Stocks Mixed as Tech Giants Drag Nasdaq Lower, Dollar Tree Plunges on Store Closures, Biden to Oppose Steel Merger
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US stocks were mixed on Wednesday with tech giants like Nvidia and Tesla dragging the Nasdaq lower while the Dow eked out a small gain.
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Dollar Tree shares sank 14% after the discount retailer said it plans to close nearly 1,000 stores and take over a $1 billion charge.
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President Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, sending US Steel shares down over 12%.
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The House advanced a bill that would ban TikTok unless its Chinese parent company ByteDance divests it within 6 months, bringing bipartisan support but opposition from some Democrats.
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Analysts think home prices will decline by the end of 2024 due to rising housing supply and inventory, marking a reversal from over a decade of steady price increases.