The S&P 500 and the Dow Jones were down for a fourth consecutive session on Tuesday, losing 0.5% and 0.8% respectively while the Nasdaq decreased 0.6%. Traders remained in a risk-off mood amid renewed concerns over high valuations in AI and tech stocks, ahead of Nvidia's earnings report. Consumer discretionary was the biggest laggard while consumer staples outperformed. Nvidia (-1.4%), Microsoft (-1.5%), Amazon (-1.9%) and Meta were sharply lower and Home Depot tumbled more than 4% after cutting its full-year profit forecast. Investors are also watching the resumption of key economic...
European stocks sank to close around one-month lows on Tuesday, extending the selloff from the prior sessions and tracking the poor momentum for global equities as concerns of an overvalued global tech sector and high rates by the Federal Reserve erased demand for riskier assets. The STOXX 50 fell 1.9% to 5,540 and the STOXX 600 dropped 1.8% to 561. Losses for equities in the Eurozone were broadly distributed among the major sectors in the bloc, with Santander, Intesa Sanpaolo, and ING dropping over 3% each to lead the losses for lenders. Consumer cyclicals and tech were also under...
The Dow Jones Industrial Average faced renewed downside pressure on Tuesday, tumbling 680 points from the previous day's close at its lowest before finding a half-hearted technical floor near 46,255. The major equity index has pushed into a fourth consecutive bearish day as investors face headwinds on multiple fronts. US labor data continues to tease around the edges of a steepening downturn after US Initial Jobless Claims came in within familiar territory, rising slightly to 232K from the previous print of 219K. ADP's Employment Change 4-week average improved to -2.5K from the previous...