Nasdaq, S&P 500 Slide as Investors Digest Flood of Tech Earnings, Government Shutdown
ManuelSummary:
The tech-heavy Nasdaq Composite (^IXIC) sank by 1.6% after initially beginning the session in the green, while the S&P 500 (^GSPC) lost nearly 1%.
US stocks slid Tuesday investors digested a wave of tech-focused earnings, precious metals jumped to continue their wild ride, and a partial government shutdown rolled into its fourth day.
The tech-heavy Nasdaq Composite (^IXIC) sank by 1.6% after initially beginning the session in the green, while the S&P 500 (^GSPC) lost nearly 1%. The Dow Jones Industrial Average (^DJI) fell around 0.4% after the blue-chip benchmark led gains on Monday with a 500-point advance.
Tech stocks got a boost after Palantir's (PLTR) surprisingly strong quarterly results signaled the AI trade has room to run, though the index's momentum has now flipped. Revenue at the data analytics firm surged, driven by demand for its AI platform, and its sales outlook topped estimates.
That rosy outlook flipped early in the session, however, with many of tech's biggest names continuing a recent slide. Nvidia (NVDA) fell over 3% amid signs of cooling relations with OpenAI (OPAI.PVT). The startup's dissatisfaction with Nvidia's latest AI chips has bogged down talks with the chipmaker for an investment of up to $100 billion — a plan its CEO Jensen Huang downplayed on Monday. Amazon (AMZN) and Microsoft (MSFT) also lost ground amid a continued sell-off in software stocks.
That has turned a spotlight on chipmaker AMD's (AMD) after-hours earnings report, which could provide the best look yet at the AI trade amid those fears of Big Tech overspending and an AI bubble. Its results prepare the ground for quarterly updates from Amazon and Alphabet (GOOG), highlights later this week.
Also on Tuesday Tuesday, PayPal (PYPL) earnings and forecast missed estimates, as the payments services firm named HP (HPQ) boss Enrique Lores as its new CEO. Its stock tumbled over 16%, against a background of an exodus from software stocks. Reports from Pepsi (PEP), Pfizer (PFE), and Chipotle (CMG) are also on the docket.
Elsewhere in the corporate world, The Walt Disney Company (DIS) named parks chief Josh D'Amaro as the entertainment giant's next CEO, set to replace longtime leader Bob Iger on March 18. Shares in Disney fell.
Meanwhile, volatility continued to grip precious metals, as gold (GC=F) jumped over 6% to eye its biggest daily gain since 2008, having notched its deepest daily drop in 43 years on Friday. An influx of dip-buyers was credited as silver (SI=F) also rebounded dramatically from Monday's losses, surging over 13%.
Source: Reuters
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