Wall Street faded on Tuesday following drops for Nvidia and other stars that have been riding the mania surrounding artificial intelligence technology.
- The Dow rose 10.45 points, or less than 0.1%, to 44,922.27.
- The S&P 500 fell 37.78 points, or 0.6%, to 6,411.37.
- The Nasdaq fell 314.82 points, or 1.5%, to 21,314.95.
The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI, the AP reports. It sank 3.5%. Another AI darling, Palantir Technologies, dropped 9.4% for the largest loss in the S&P 500. It's seen bets build up sharply that its stock price will drop, according to S3 Partners. Only Meta Platforms has seen a bigger increase this year in what's called short interest, in which traders essentially bet a stock's price will fall. Meta, the owner of Facebook and Instagram, sank 2.1%. Criticism has been rising that stock prices across Wall Street have shot too high, too fast since hitting a bottom in April and have become too expensive. Palantir's stock came into Tuesday with a tremendous gain of 130% for the year so far.
One way companies can make their stock prices look less expensive is to deliver growth in profits. Palo Alto Networks rose 3.1% after reporting earnings and revenue for the latest quarter that topped analysts' expectations. Home Depot's gain of 3.2% was the biggest reason the Dow did better than other indexes. The retailer reported quarterly results that were a bit short of what analysts expected, but it delivered growth in revenue. Viking Therapeutics tumbled 42.1% after the biopharmaceutical company released results from a clinical trial of an oral tablet that could treat obesity and other metabolic disorders. Tegna rose 4.3% after Nexstar Media Group said it will buy the owner of 64 television stations across the country for $22 per share in cash.
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