Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Live Updates: US stocks open lower as AI stocks decline, oil prices rise
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US Market | Dow Jones Live Updates: Wall Street opens lower on Tuesday as renewed weakness in AI-linked stocks and higher oil prices weigh on the major indexes. The Dow Jones falls 0.01%, while the S&P 500 slips 0.15% and the Nasdaq drops 0.37% as investors await key corporate earnings this week.
Wall Street opens lower as AI-linked stocks weaken and oil prices rebound. Investors remain cautious ahead of major corporate earnings due this week.
1 New Update
Qualcomm will cut jobs globally following annual employee reviews, with notifications expected to begin in November, CEO Cristiano Amon said in an internal memo reviewed by Reuters. The company did not disclose the number of affected employees. The move comes as Qualcomm faces weaker consumer electronics demand while expanding into AI data centres and other non-handset businesses.
Northrop Grumman, RTX and GE Aerospace raised their 2026 profit forecasts, helped by robust military demand and strong commercial aerospace services. Northrop and RTX reported record backlogs of $109.6 billion and $340 billion, respectively, while GE lifted its forecast for the second time this year. However, GE warned that prolonged high fuel prices could pressure airline demand for maintenance and parts.
Pending sales of existing US homes fell 7.3% in September from August, according to the National Association of Realtors. The index dropped to 66.0 from 71.2, marking a sharper decline than the 0.5% fall economists polled by Reuters had expected. Sales fell across all four regions, with the South recording the steepest drop.
- Ulrike Hoffmann-Burchardi at UBS Chief Investment Office
Emerging markets have developed stronger immune systems. US debt dynamics are deteriorating and the Federal Reserve has started hiking interest rates, yet EM appears under no pressure to follow suit. The US has sneezed, but EM isn't catching the proverbial cold. Read more
Wall Street's main indexes opened lower on Tuesday, dragged down by renewed weakness in AI-linked stocks and a rebound in oil prices, while investors braced for major corporate earnings reports this week. Read more
GE Aerospace raises its 2026 adjusted profit forecast to $8.00-$8.10 per share from $7.65-$7.85, helped by strong demand for engine maintenance and spare parts. Commercial engines and services revenue rises 21% to $10.34 billion, while the company says its services backlog remains strong despite higher fuel costs. Shares gain nearly 1.2% in premarket trading. Read more
Net profit growth at China's CATL slowed sharply in the third quarter, hit by fierce competition in the electric vehicle battery market as China's auto sales growth cooled. Read more
Hilton Worldwide plans to transfer its stock listing from the NYSE to Nasdaq, the hotel operator said on Tuesday, as companies increasingly view the tech-heavy exchange as a way to boost visibility among growth-focused investors. Read more
General Motors' third-quarter results easily beat analyst expectations on the back of resolute shoppers who continue to spring for pricey pickups and SUVs. Read more
Industrial conglomerate 3M lifted its full-year profit forecast on Tuesday after cost-control initiatives and higher prices supported margins, while its safety and industrial business remained resilient. Read more
Meta's massive artificial intelligence outlays and adoption of its Muse personal assistant will be in focus when it reports third-quarter results on Wednesday, as the social media firm seeks to show that its AI investments can sustain growth. Read more
3M shares gained 0.5% after the industrial conglomerate expanded its commercial relationship with Amazon and issued a warrant to an Amazon subsidiary. The warrant gave Amazon the right to buy more than $521 million worth of 3M common stock. 3M also raised its full-year profit forecast, giving its shares some support in premarket trading.
Steel Dynamics fell 5.7% after missing third-quarter profit estimates, while General Motors declined 5.2% despite beating expectations for its quarterly results. Halliburton gained 5.7% after topping Wall Street expectations for quarterly profit, highlighting the contrasting market reactions to individual earnings performances.
Markets were looking ahead to a heavy earnings schedule for clues on whether companies could sustain strong growth despite mounting macroeconomic risks. SpaceX and Netflix were due to report after Tuesday's market close, while Meta Platforms and Tesla were scheduled to release their results on Wednesday, putting major corporate earnings in focus.
Brent crude traded near a five-month high as traders priced in a geopolitical risk premium following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. The rise in oil prices added another source of uncertainty for investors already assessing the impact of geopolitical risks and tighter financing conditions on corporate growth.
Nasdaq 100 futures fell 0.62% as renewed weakness in AI-linked stocks weighed on technology shares. CoreWeave dropped 4.7% and Nebius Group lost 4.9% in premarket trading, while Apple fell 1.2% and Nvidia slipped marginally. The pullback came after the S&P 500 and Nasdaq rebounded on Monday as investors bought technology stocks following last week's sharp selloff.