US stocks were mixed for a second session on Wednesday as markets assessed the sustainability of the AI-led rally, retailers' earnings results, and the outlook for rates in the US. The Dow inched higher while the S&P 500 hovered close to the flatline, although the Nasdaq 100 fell with the heavyweight tech sector extending its aggressive decline from the previous session. Tech giants fell further on worries that valuations may have gone too far, in line with research noting that most AI firms will not be profitable while Meta had already overhauled its AI team. Nvidia, Meta, and Alphabet were around 1% down. In turn, key retailers earnings were mixed. Target slumped 10% as it revealed a new CEO, despite beating earnings, while Estee Lauder lost 4% on a pessimistic guidance. On the other hand, TJX and Lowe's added 7% and 3% after releasing results. Walmart reports tomorrow. Meanwhile, FOMC minutes may unveil how policymakers weigh slowdowns in the labor market against stubborn inflation.