WASHINGTON (dpa-AFX) - After ending yesterday's choppy session narrowly mixed, stocks moved mostly lower during trading on Tuesday. The major averages all moved to the downside on the day, with the tech-heavy Nasdaq showed a notable slump.
The major averages ended the day off their lows of the session but still in negative territory. The Nasdaq slid 223.30 points or 0.9 percent to 24,663.80, the S&P 500 fell 35.11 points or 0.5 percent to 7,138.90 and the Dow edged down 25.86 points or 0.1 percent to 49,141.93.
The Nasdaq pulled back well off Monday's record closing high as companies tied to artificial intelligence infrastructure came 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, tumbled by 4.1 percent on the day.
Chipmakers Broadcom (AVGO), Advanced Micro Devices (AMD) and Nvidia (NVDA) also showed notable moves to the downside.
An extended surge by the price of crude oil also weighed on Wall Street, with U.S. crude oil futures spiking above $100 a barrel before giving back ground.
Crude oil prices have soared over the past few sessions amid an ongoing stalemate in the Middle East conflict between the U.S. and Iran.
The latest jump comes amid indications President Donald Trump is 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.
Trump claimed in a post on Truth Social that Iran is in a 'state of collapse' and wants to open the Strait or Hormuz as quickly as possible as they try to figure out their leadership situation.
CNN reported that Iran is coming up with a 'revised proposal' and added that mediators in Pakistan are awaiting the new plan to end the war.
Sector News
Gold stocks saw substantial weakness on the day amid a steep drop by the price of the precious metal, resulting in a 4.6 percent nosedive by the NYSE Arca Gold Bugs Index.
Significant weakness was also visible among semiconductor stocks, with the Philadelphia Semiconductor Index plunging by 3.6 percent.
Computer hardware, networking and airline stocks also saw considerable weakness, while oil and natural gas stocks 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.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index crept up by 0.1 percent, the German DAX Index slipped by 0.3 percent and the French CAC 40 Index fell by 0.5 percent.
In the bond market, treasuries regained some ground after an early slump but remained in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 1.8 basis points to a one-month closing high of 4.354 percent.
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