The main Wall Street indices retreated from record highs to open in the red on Tuesday as traders awaited clarity to emergy on the US-Iran truce talk front.
The S&P 500 broke its eight-day long rally to open 0.18% lower at 7,586.44, Dow Jones Industrial Average slumped over 200 points or 0.44% to open at 50,853.99 levels, while Nasdaq Composite's AI-fuelled rally cooled off with the index opening 0.27% lower at 27,014.03.
However, Dow touched a fresh record after jumping over 100 points or 0.25% to 51,195.59.
Shares of Google-parent Alphabet Inc. slipped 5% to $359.25 after the company announced a $80 billion fundraise through equity offerings, which will be infused in its artificial intelligence buildout.
Nvidia Corp. extended its 'spark' deal gains and traded over 2% higher at $229.52 apiece. Jensen Huang's widely quoted speech has caused a stir in the Wall Street.
ALSO READ: Marvell Technology Shares Rocket 26% After Nvidia CEO's 'Trillion-Dollar' Projection
Shares of Marvell Technology surged 26% shortly after the opening bell on Tuesday after Nvidia CEO Jensen Huang described the semiconductor company as a potential "trillion-dollar" business, underscoring its growing importance in the artificial intelligence infrastructure boom.
The stock opened at $253.46 and climbed as high as $277.22, up 26% as against the previous day's close. As of 9:54 a.m. ET, Marvell Technology shares were trading at $269.23, up $49.80, or 22.69%, giving the company a market capitalisation of approximately $192 billion.
Away from the tech world, Victoria's Secret & Co's scrip rocketed 50% to a fresh record of $81.25 after the company posted an earnings beat along with an upgraded forecast.
Crude oil prices traded little changed with Brent crude at $95.06 per barrel, and West Texas Intermediate up 0.08% to $92.23.
After the market opened five out of the 11 sectoral indices traded in the green, while six traded lower. Gains were led by the Information Technology sector and the Utilities sector. On the other hand, Communication Services sector, Consumer Discretionary sector, and Healthcare sector led the decline.
On the currencies front, the Dollar Spot Index was little changed while the euro rose 0.1% to $1.1645, the British pound rose 0.2% to $1.3476, and the Japanese yen was little changed at 159.79 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 3.4% to $68,935.88 for the first time in two months.
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