US stocks remained weak on Tuesday, tracking a global equity decline amid growing concerns about the overvalued technology sector and unsustainable fiscal conditions. The S&P 500 and Nasdaq 100 fell more than 1%, while the Dow Jones Industrial Average fell 400 points.
Nvidia and Qualcomm both fell 3% due to lingering skepticism about future returns from artificial intelligence technology, prompting investors to reconsider their large positions in software and hardware companies. Meanwhile, long-term bonds slumped amid concerns about overly expansionary fiscal policy supported by the White House, exacerbating the steepening curve as interest rate futures indicated further certainty of a 25-bps rate cut by the Fed this month.
Meanwhile, Kraft Heinz traded around the flatline after announcing it would separate into two companies. Constellation Brands also slumped 6% after cutting its forecast. On the data front, the ISM Manufacturing PMI showed a sharper-than-expected contraction. (alg)
Source: Trading Economics
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