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 releases that were delayed by the government shutdown, amid worries that the data could discourage the Fed from further cutting interest rates.
The latest data showed initial jobless claims at 232K for the week ended October 18, while continuing claims reached 1.957 million, the highest level since August. The weekly ADP report showed companies cut 2.5K jobs on average in the four weeks to November 1st.
Source: Tradingeconomics.com
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