Major U.S. indexes dropped, with the S&P 500 down 1.2%, the Dow off about 498 points (1.1%) and the Nasdaq leading losses at 1.4%, while all remained close to recent records. AI-focused names such as Nvidia and Broadcom weighed on the market after long rallies, with Nvidia down 2.3% and Broadcom down 2.1%. The 10-year Treasury yield rose to 4.27% from 4.23% late Friday, pressuring stock valuations. Longer-term yields are climbing globally amid concerns over large government debt burdens. U.S. yields faced extra pressure from President Trump's public attacks on the Federal Reserve. A federal appeals court ruled that Trump overstepped his legal authority when announcing sweeping tariffs but left the tariffs in place for now; the tariffs have created confusion.
U.S. stocks are tumbling on Tuesday, and some of Wall Street's biggest stars are leading the way lower. The S&P 500 sank 1.2% and was on track for its worst loss in a month. The Dow Jones Industrial Average was down 498 points, or 1.1%, as of 9:37 a.m. Eastern time, and the Nasdaq composite was down a market-leading 1.4%.
Nvidia and other companies that have benefited from the frenzy around artificial-intelligence technology were some of the heaviest weights on the market. They have soared for years on expectations that they're at the vanguard of the next revolution for the global economy. But they've also shot so high that critics say their prices have simply become too expensive. Nvidia, whose chips are powering much of the move into AI, fell 2.3%.
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