The NASDAQ fell on Tuesday, pressured by declines in tech, following strong gains in the previous session.
The Dow Jones Industrials zoomed 360.89 points to observe noon Tuesday at 47,729.52.
The broader index inched forward 0.52 points to 6,832.95.
The NASDAQ docked 113.46. points to 23,413.72.
CoreWeave was among the laggards of the session. Shares slid 13% after the company’s guidance disappointed investors, hurting the artificial intelligence trade.
Shares of AI chip darling Nvidia also pulled back 3% after SoftBank sold its entire stake in the chipmaker for more than $5 billion.
The AI trade has been under pressure recently amid growing valuation concerns. On Tuesday, key names in the play, such as Micron Technology, Oracle and Palantir Technologies, moved lower in sympathy with CoreWeave and Nvidia. Micron and Oracle each declined 4%, while Palantir pulled back 3%.
Reinforcing the day’s downbeat sentiment, a new report from ADP revealed that for the four weeks ending Oct. 25, private sector job creation was down more than 11,000 on average per week.
The data stands in contrast to the October gains that the firm reported last week and signals some weakness in the labor market.
The Senate on Monday evening passed a bill to end the shutdown, sending it to the House. The negotiated deal does not include Democrats’ demand that any funding bill must include an extension of Affordable Care Act subsidies, and instead calls for a vote on the tax credits in December.
Tuesday, the Treasury market is closed for Veteran’s Day.
Oil prices climbed $1.04 to $61.17 U.S. a barrel.
Gold prices faded 50 cents to $4,121.50. U.S. an ounce.
