A record-breaking US stock rally stalled on Tuesday, as investors weighed cautious comments from Federal Reserve officials and concerns about the sustainability of AI-driven commerce.
The S&P 500 fell 0.5%, the Nasdaq 100 fell 0.7%, and the Dow Jones Industrial Average fell 88 points. Nvidia fell 2.8% after a Monday surge linked to its $100 billion OpenAI investment, as investors questioned the deal's structure and energy demand, while Oracle and Amazon fell 4.1% and 3.1%, respectively. On the positive side, Kenvue rose 1.7% after paring losses from Trump's criticism of Tylenol, and Boeing rose 2% after an $8 billion order from Uzbekistan Airways.
Fed Chairman Powell described equity prices as "quite overvalued" and underscored the challenge of balancing inflation risks with a weakening labor market. Other Fed officials voiced caution, with Fed Chair Goolsbee warning against a possible resurgence of inflation and Michelle Bowman noting that interest rate cuts could accelerate if job losses increase. (alg)
Source: Trading Economics
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