The main US stock market indices opened on a mixed note on Tuesday. Tech-heavy Nasdaq Composite and wider index S&P 500 opened lower, dragged by major chipmakers like Nvidia Corp., Advanced Micro Devices Inc., Intel Corp. and Micron Technology Inc.
The Dow Jones Industrial Average opened little changed at 49,525.37. The Nasdaq opened 0.51% lower at 22,431.06 and the S&P 500 opened 0.10% lower at 6,829.30.
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By 10:30 a.m. EST or local time Dow Jones fell 0.5% or 253 points to trade at 49,257.41, S&P 500 traded 0.72% or 49.66 points lower at 6,786.71, while Nasdaq slumped over 1% or 256 points to trade at 22,287.80.
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In the inital minutes of trade, AMD traded 1.24% lower at $205.21, Intel Corp. traded 0.60% lower at $46.42, and Micron Technology fell 1% to trade at $407.13. Bellwether Nvidia Corp. traded 0.68% lower at $181.56.
Stocks of AI-linked tech companies crashed hard within an hour of opening, with Nvidia falling 1.6% to $179.88, AMD trading over 5% lower at $196.05 and Micron Tech sliding nearly 4% to $396.41.
Besides these, Gemini Space Station Inc.'s shares traded 13.54% lower at $6.53 after mass executive exits announced by the company.
AI disruption and continued tech rotation overshadowed previous week's jobs and inflation data, Chris Larkin at E*Trade from Morgan Stanley told Bloomberg news. He added that unless this week's economic numbers deliver notable surprises, there may be a repeat of the same dynamic.
Among commodities, spot gold prices fell 2.39% to $4,872.13 an ounce. Crude oil prices also fell with West Texas Intermediate trading 0.84% lower at $62.25 a barrel, while global benchmark Brent Crude traded 2% lower at $67.29 a barrel.
The Bloomberg Dollar Spot Index strengthened against global currency and rose 0.3%. The euro fell 0.2% to $1.1823, the British pound fell 0.8% to $1.3522, and the Japanese yen was little changed at 153.45 per dollar
Bitcoin, the largest traded cryptocurrency, fell 3% to $66,781.38.
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