The S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite extended their losses in early trade on Tuesday, caused by a slide in the shares of tech majors.
Dow Jones slipped nearly 1% or 379.13 points to trade at 46,211.11, while wider index S&P 500 traded 0.27% or 18.20 points lower at 6,654.21 and tech-heavy Nasdaq Composite declined 0.33% or 74.80 points lower to trade at 22,633.27.
As of 9:32 p.m. Nasdaq declined 2.04% to trade at 22,287.93 while S&P 500 and Dow Jones traded 1.41% lower each.
Tech majors like Nvidia and Palantir traded 3.23% and 2.76% lower, respectively.
The slide in Nasdaq, along with the tech majors, comes ahead of the Nvidia earnings on Wednesday. Analysts expect the company to post another bumper quarter, but expectations are riding very high given the artificial intelligence bellwether’s massive $5 trillion valuation.
The mood of the markets was also swayed by US jobless claims data, which suggested that US companies shed 2,500 jobs per weak on average in the four weeks ending Nov 1, as per Bloomberg report.
After the US markets opened, spot gold prices rose. As of 10:56 p.m. (local time), US spot gold traded 0.26% higher at 4,054.13
On the other hand, crude oil prices declined, with the West Texas Intermediate trading 0.07% lower at $59.82 and Brent Crude dropping 0.22% to trade at $64.06
The Bloomberg Dollar Spot Index fell 0.1%, while euro rose 0.1% to $1.1605. The British pound also rose 0.1% to $1.3170.
Bitcoin, the largest traded cryptocurrency, rose 0.6% to $92,418.32. Earlier in the day Bitcoin, had fallen to $90,000.
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