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Dow Jones Today Live Updates: US stocks edge lower amid tech rout.
Dow Jones Today | US Stock Market Live: The Nasdaq ended lower on Tuesday, as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks.
The S&P 500 lost 1.41 points, or 0.02%, to end at 7,805.83 points, while the Nasdaq Composite lost 42.37 points, or 0.15%, to 27,203.53. The Dow Jones Industrial Average fell 173.10 points, or 0.33%, to 51,677.45.
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Todd Combs, the former stockpicker at Warren Buffett’s Berkshire Hathaway Inc., has helped allocate around $5 billion of investments from his new perch at JPMorgan Chase & Co, Bloomberg News reported.
Combs, who oversees the bank’s strategic investment group that’s focused on industries critical to national security, said he helped funnel money for investments in 10 firms, helping his group put about half of the amount it was originally given to work.
Longer-dated US Treasury yields were slightly lower on Tuesday, following the path of their European counterparts, while short-dated 2-year yields rose on the eve of key US inflation data.
Benchmark 10-year yields touched their lowest levels since October 2 on Tuesday before paring declines. Last week the benchmark hit a 24-year high, with investors worried about the prospect of rising inflation.
Gold prices edged lower on Tuesday, while investors awaited key US inflation data and remarks from the Federal Reserve chair due later this week to gauge the outlook on monetary policy.
Spot gold fell 0.3% to $4,157.90 per ounce by 02:15 p.m. EDT (1815 GMT). US gold futures for December settled down 0.3% at $4,177.30 per ounce.
Federal Reserve Bank of New York President John Williams said he still sees one more interest-rate hike as appropriate this year, but at the moment doesn’t believe it will be necessary for the central bank to increase rates again in 2027.
“I haven’t changed my view that it may be appropriate to have one more rate hike,” Williams said Tuesday in an interview with Bloomberg News at the New York Fed. “I don’t think at this time I have any reason to believe that we would need to do more” after that.
CVS has agreed to pay $315 million to resolve allegations that it illegally filled unlawful opioid prescriptions and submitted false claims to the federal government by seeking payment from Medicare and other healthcare programs, the U.S. Justice Department said on Tuesday.
A Delaware jury awarded Qualcomm $2 in nominal damages after finding Arm Holdings breached its architectural license agreement and intentionally sought to disrupt Qualcomm's business, a Qualcomm spokesperson said on Tuesday.
US chipmaker Nvidia has agreed to buy stakes in French technology startups Doctolib, Genesis AI, Pigment and Entalpic, French newspaper Les Echos reported on Tuesday.
Doctolib had said previously that Nvidia had agreed to buy a minority stake without specifying the size of the stake or its value, though it said the presence of Nvidia would help it to develop artificial intelligence tools.
US producers in the Gulf of Mexico shut in about 16.13% of the current daily oil production and 16.59% of the current daily natural gas production in response to Hurricane Isaias, according to the Marine Minerals Administration.
MMA said that as of Tuesday at 11:00 am CDT, personnel have been evacuated from five production platforms, representing 1.35% of the 371 manned platforms in the Gulf of Mexico.
Alphabet's Google on Wednesday released its flagship AI model Gemini 4 Argon to developers and businesses worldwide, seeking to regain ground against rivals OpenAI and Anthropic after months of delays and a leadership shakeup at its DeepMind lab.
The US Supreme Court agreed on Tuesday to decide whether President Donald Trump's administration can avoid handing over records to a watchdog group about its Department of Government Efficiency, an initiative aimed at slashing agency budgets and workers spearheaded last year by his former adviser Elon Musk.
The justices took up the administration's appeal of a federal judge's order for DOGE to respond to requests by Citizens for Responsibility and Ethics in Washington for information about its operations. The court is expected to hear arguments in the case and issue a ruling by the end of June.
Citigroup dropped its "overweight" call on US equities and closed its long position in the S&P 500 Equal Weight index on Tuesday, saying it is taking some risk off the table as signs of market exuberance build.
US Treasury yields may have further room to rise, with the Federal Reserve likely to deliver one or two more rate increases before the current tightening cycle ends, Dan Ivascyn, chief investment officer at the world's largest bond manager, told Reuters on Tuesday.
Gold prices were largely steady on Tuesday, as investors looked out for key US inflation data and remarks from the Federal Reserve Chair later this week to gauge future monetary policy. Spot gold fell 0.1% to $4,164.70 per ounce by 11:26 a.m. EDT (1526 GMT). US gold futures for December delivery were down 0.1% at $4,188.40 per ounce.
The dollar slipped from an 18-month high on Tuesday as oil prices retreated and investors reassessed the AI-fueled rally that has supported demand for US assets this year, while awaiting fresh clues on the Federal Reserve's interest rate path. The US dollar index, a measure of the greenback's strength against a basket of six currencies, slid 0.25% to 102.27 after reaching 102.61 on Monday, its highest level since April 2025.
Longer-dated US Treasury yields were lower on Tuesday as investors monitored Europe's bond markets while 2-year yields reversed course to turn positive on the eve of key US inflation data. The yield on benchmark US 10-year notes fell 2.29 basis points to 5.221% while the 30-year bond yield fell 3.19 basis points to 5.5671%.
Shares of US chipmakers dropped on Tuesday, with memory-related companies leading losses as reports of a technology advance by China's CXMT stoked competition fears and added to jitters over AI spending in a sector that has rallied sharply this year.
Shares of Wells Fargo fall 2.11% after the bank reports weaker-than-expected quarterly revenue, with CEO Charlie Scharf citing a decline in revenue from its venture capital investments. But he also said that “our data shows that our consumer and business customers are doing well” despite uncertainty about the economy and recent surveys showing how discouraged Americans are about the economy.
Goldman Sachs CEO says he doesn't sense people are sitting on the sidelines because of the midterms.
US existing home sales unexpectedly increased in September as rising inventory offered buyers more choice, but the trend remained subdued against the backdrop of higher mortgage rates.
Home sales rose 1.5% last month to a seasonally adjusted annual rate of 3.99 million units, the National Association of Realtors said on Tuesday. Economists polled by Reuters had forecast home resales would decline to a rate of 3.95 million units.
Strong profit reports from Goldman Sachs, UnitedHealth Group and other big U.S. companies are helping to shore up the stock market on Tuesday, even as sharp drops for stocks in the computer chip industry circle the world and hit Wall Street.
The S&P 500 slipped 0.1% to pull a bit further from its all-time high set last week, but the modest move masked big swings for stocks underneath the surface. The Dow Jones Industrial Average was up 300 points, or 0.6% as of 9:35 a.m. Eastern time, while the Nasdaq composite was 0.4% lower.
The Dow Jones Industrial Average rose 242.4 points, or 0.47%, at the open to 52,092.99. The S&P 500 fell 12 points, or 0.15%, at the open to 7,795.27 while the Nasdaq Composite dropped 107.2 points, or 0.39%, to 27,138.729 at the opening bell.
LSEG said on Tuesday it was in talks with private equity firm Permira for the purchase of New York-headquartered financial data provider Octus for about $3.5 billion. Reuters provides news to LSEG's Workspace news and data platform and other products.
Gold edged higher on Tuesday as oil prices and the US dollar retreated, while expectations of a Federal Reserve rate hike this month remained subdued ahead of key US inflation data due this week.
Spot gold rose 0.3% to $4,184.84 per ounce by 1133 GMT. US gold futures for December delivery rose 0.4% to $4,209 per ounce.
Citigroup's third-quarter profit rose 40% compared to a year earlier, helped by stronger investment banking revenue and transactions with multinational companies as well as higher wealth management earnings.
Trading profits gained only 2% over a year ago and fell 27% against the previous quarter, mainly due to a drop in equity trading revenue.
Federal Reserve Governor Christopher Waller attributes the rise in Treasury yields to stronger economic growth and large-scale AI investment rather than higher inflation expectations. Softer-than-expected inflation and employment data have reduced bets on an imminent rate hike, with traders widely expecting the Fed to hold rates steady this month.
US chipmakers extend their losses on Tuesday as reports of technological progress by China’s CXMT fuel concerns about intensifying competition. Nvidia falls 1%, while AMD and Marvell Technology decline 1.5% and 2.6%, respectively. South Korea’s KOSPI closes 5.5% lower after sliding more than 7% intraday.
Expectations of robust third-quarter earnings continue to support US equities despite mounting geopolitical tensions, surging government bond yields and persistent inflation concerns. S&P 500 earnings are forecast to rise 30.6% in the July–September quarter, led by technology and energy companies, according to LSEG data.
US stock futures trade mixed on Tuesday as investors assess quarterly results from major banks at the start of earnings season, while weakness in chip stocks weighs on Nasdaq futures. Dow E-minis rise 92 points, or 0.18%, while S&P 500 E-minis slip 10 points, or 0.13%, and Nasdaq 100 E-minis fall 182.25 points, or 0.59%.