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The NASDAQ Composite fell on Tuesday 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.
The Dow Jones Industrials gained 165.85 points to 46,614.12.
The S&P 500 subtracted 12.97 points to 6,592.15.
The tech-heavy benchmark let go of 151.68 points to 22,719.91.
The stock market is closed on Thursday for Thanksgiving Day, and it shuts down early at 1 p.m. ET on Friday.
Nvidia shares were down more than 6% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares rose more than 2% on the report.
Monday marked a strong session for the three major averages. The S&P 500 gained about 1.6% on Monday, while the NASDAQ jumped 2.7% and recorded its best day since May 12 as major tech names rebounded after what’s been a tough month for the sector.
The Dow closed higher by more than 200 points, or 0.4%, meanwhile.
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.
Separately, traders continue to watch for any news that can affect the Federal Reserve’s upcoming monetary policy decision. Markets are pricing in a more than 80% chance of a quarter percentage point cut from the Fed in December,
Prices for the 10-year Treasury gained ground, lowering yields to 4.01% from Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.65 to $57.19 U.S. a barrel.
Gold prices brightened $23.50 to $4,117.70 U.S. an ounce.
