### US Stocks Stumble Amid Economic Concerns and Mixed Market Signals

US stocks encountered turbulence on Wednesday following a surge to all-time highs. The Dow Jones Industrial Average (DJI) saw a decline of about 0.6%, reversing prior gains. Meanwhile, the S&P 500 (GSPC) dipped around 0.2%, and the Nasdaq Composite (IXIC) hovered near the flatline, despite spending much of the session in positive territory.

Investor sentiment was shaken by a disappointingly weak consumer confidence report, fueling worries about a potential recession in the US economy. Market watchers are anxiously debating whether the Federal Reserve's recent 0.5% rate cut was a reaction to an economic slowdown and what it could mean for future rate decisions.

In housing news, new home sales dropped by 4.7% in August after a sharp increase the previous month, with high mortgage rates and elevated prices deterring buyers. On a brighter note, mortgage applications reached their highest level since 2022, driven by homeowners refinancing as interest rates decreased.

Looking ahead, all eyes are on key economic data releases: Thursday's second quarter GDP print and Friday's PCE index, the Federal Reserve's favored inflation measure, will be crucial in gauging the economy's health.

Flutter (FLUT) saw its stock leap by as much as 8% to an all-time high after announcing a $5 billion share repurchase program. The company, which owns FanDuel, revised its forecast for the US online gambling market to $63 billion by 2030, a significant increase from the $40 billion projected last year.

In corporate moves, Warren Buffett's Berkshire Hathaway continued to reduce its stake in Bank of America (BAC), selling 21.6 million shares for approximately $862.7 million in profit. Over the past 11 weeks, Berkshire has offloaded a total of 218.5 million shares, although it retains a 10.5% stake in the bank.

Sector performance varied, with Utilities (XLU) leading the charge, up 0.7%, while Energy (XLE) lagged, down about 1.6%. The technology sector saw modest gains, bolstered by Nvidia (NVDA), which rose by up to 3% following a positive projection for the AI market. Other chip stocks, including Micron (MU) and Intel (INTC), also moved higher, with Intel gaining 4% after unveiling new AI chips.

Internationally, China's announcement of its largest economic stimulus since the pandemic led to a 4.3% surge in the CSI 300 index. The stimulus, totaling over $325 billion, primarily consists of monetary measures aimed at reviving the nation's beleaguered economy.

As the market awaits crucial economic indicators, the mixed signals from different sectors highlight the ongoing uncertainty about the path forward for the US and global economies.