Stocks fell on Wall Street on Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market's rally so far this year.
- The S&P 500 fell 80.42 points, or 1.2%, to 6,771.55.
- The Dow Jones Industrial Average fell 251.44 points, or 0.5%, to 47,085.24.
- The Nasdaq composite fell 486.09 points, or 2%, to 23,348.64.
Palantir Technologies, which had more than doubled so far this year, slumped 7.9% despite reporting results that beat analysts' forecasts, the
AP reports. Nvidia also reversed course with a loss of 4%.
Wall Street remains focused on corporate earnings. Roughly three out of every four companies within the S&P 500 have reported their latest results, which have been mostly better than analysts expected. "However, expectations for technology firms seem higher, and disappointments appear to be having a disproportionately negative effect," Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, wrote in a note to investors.
Animal health care company Zoetis plunged 13.8% after cutting its sales forecast for the year. Norwegian Cruise Line slid 15.3% after giving Wall Street a mixed earnings report and forecast. Uber slumped 5.1% despite reporting financial results that beat analysts' expectations. Several big companies will report their latest financial results later this week, including McDonald's, Expedia Group and Qualcomm. The latest round of corporate profit reports and forecasts have taken on more significance for Wall Street amid the government shutdown. Investors and economists are trying to gauge the health and direction of the US economy without the latest economic updates on inflation and employment.
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Outside of earnings, Tesla fell 5.2% after Norway's sovereign wealth fund, one of its biggest investors, said Tuesday that it will vote against a proposed compensation package that could pay CEO Elon Musk as much as $1 trillion over a decade. Yum Brands jumped 7.3% after the company said it is considering selling its Pizza Hut unit, which has struggled to compete in a crowded pizza market. Novo Nordisk slipped 1.8% after it raised its offer to buy drugmaker Metsera, which jumped 20.5%. Novo Nordisk is trying to outbid rival Pfizer, which fell 1.7%.
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