why were stocks down today

Stocks were down today primarily due to Federal Reserve Chair Jerome Powell's comments warning that equities are "fairly highly valued," which contributed to a pullback from the recent rally. Investors are digesting these remarks alongside mixed economic data, including manufacturing and services PMIs that showed slight declines but were generally in line with expectations. Additionally, concerns about inflation, a cautious outlook on future interest rate moves, and political factors such as President Trump's statements at the UN against green energy influenced market sentiment. Technology stocks like Amazon and Nvidia also saw declines due to specific concerns, including an FTC trial for Amazon and revenue worries for Nvidia. Meanwhile, energy stocks rose on the back of stronger oil prices driven by Trump's anti-green energy comments. Overall, investors are cautious about the sustainability of the recent stock market rally amid elevated valuations, inflation risks, and geopolitical factors, leading to the stocks' decline today.