WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, stocks have moved mostly lower during trading on Tuesday. The tech-heavy Nasdaq has shown a notable move to the downside, pulling back off yesterday's record closing high.
Currently, the Nasdaq is just off its lows of the session, down 302.30 points or 1.2 percent at 24,584.80. The S&P 500 is also down 47.30 points or 0.7 percent at 7,126.61.
The narrower Dow, on the other hand, has shown a lack of direction on the day and is currently up 15.33 points or less than a tenth of a percent at 49,183.12.
The sharp pullback by the Nasdaq comes as companies tied to artificial intelligence infrastructure are under pressure after a report from the Wall Street Journal said OpenAI recently missed its own targets for new users and revenue.
Citing people familiar with the matter, the WSJ said the stumbles have raised concern among some company leaders about whether OpenAI will be able to support its massive spending on data centers.
Oracle (ORCL), which has a massive, multi-year partnership with OpenAI to build AI infrastructure, is tumbling by 4 percent on the day.
Chipmakers Broadcom (AVGO), Advanced Micro Devices (AMD) and Nvidia (NVDA) have also shown notable moves to the downside.
Concerns about the ongoing conflict between the U.S. and Iran are also weighing on Wall Street, as the Trump administration seems unlikely to accept Iran's proposal to reopen the Strait of Hormuz and end the war, while setting aside discussions on Iran's nuclear program.
Meanwhile, the uptick by the Dow comes amid a surge by shares of Coca-Cola (KO), with the beverage giant spiking by 6.2 percent after reporting better than expected first quarter results and raising its full-year guidance.
Sector News
Gold stocks are seeing substantial weakness amid a steep drop by the price of the precious metal, resulting in a 5 percent nosedive by the NYSE Arca Gold Bugs Index.
Significant weakness is also visible among semiconductor stocks, with the Philadelphia Semiconductor Index plunging by 4.7 percent.
Computer hardware, networking and airline stocks are also seeing considerable weakness, while oil and natural gas stocks have moved to the upside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index and Hong Kong's Hang Seng Index both slumped by 1 percent, while China's Shanghai Composite Index dipped by 0.2 percent.
The major European markets have also moved to the downside on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the German DAX Index and the French CAC 40 Index are both down by 0.5 percent.
In the bond market, treasuries are extending the downward move seen over the course of the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.5 basis points at 4.371 percent.
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