Advertisment
Stock futures were lower on Tuesday, led by Nvidia, following a winning day on Wall Street thanks to gains in artificial intelligence-linked names and renewed hopes of a Federal Reserve interest rate cut.
Futures for the Dow Jones Industrials let go of 33 points, or 0.1%, to 46,484.
Futures for the S&P 500 index faded 3.75 points, or 0.1%, to 6,717.50.
Futures for the NASDAQ shed 41.25 points, or 0.2%, to 24,907.
The stock market will be closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Nvidia shares were down 3% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares were up 3% on the back of the report.
Google parent Alphabet was a standout name in the previous session, ending the day 6.3% higher and scoring a new record high. Chipmaker Broadcom was the S&P 500's biggest gainer after the stock surged more than 11%. Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses.
Although stocks saw some recovery from the sell-off from the previous week, the three U.S. indexes are still tracking for a losing month. AI stocks have been responsible for much of this year’s gains, and investors are questioning tech stock valuations and whether the market will see a year-end rally or a reversal in momentum.
The S&P 500 is down about 2% in November, while the NASDAQ has lost 3.6%. The 30-stock Dow has shed 2.3% month to date.
In Japan, the Nikkei 225 fought its way up 0.1% Tuesday, while in Hong Kong, the Hang Seng chugged ahead 0.7%
Oil prices eased 24 cents to $58.60 U.S. a barrel.
Gold prices rocketed $40.00 to $4,134.200 U.S. per ounce.
