US stock market: Nvidia, Tesla shares tumble, S&P 500, Nasdaq, Dow Jones end in red. Reasons behind Wall Street bloodbath
US stock market indexes — S&P 500, Nasdaq, and Dow Jones — on Tuesday fell as Wall Street darling Nvidia, Tesla stocks tanked. This has come after a batch of upbeat economic data raised concerns that an inflation rebound could slow down the Federal Reserve's pace of monetary policy easing.
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S&P 500 lost 66.35 points, or 1.11 per cent, to 5,909.03 and the Nasdaq Composite lost 375.30 points, or 1.89 per cent, to 19,489.68, and Dow Jones Industrial Average fell 178.20 points, or 0.42 per cent, to 42,528.36.
Higher yields pushed technology-sector stocks lower by 2.39 per cent. Shares of AI bellwether Nvidia fell 6.22 percent. Most of the 11 S&P 500 sectors declined, except for healthcare and energy stocks.
Tesla shares fell 4 per cent after BofA Global Research downgraded the stock to 'neutral' from 'buy'.
Micron Technology rose 2.67 per cent after Nvidia boss Jensen Huang said the chipmaker was providing memory for the AI bellwether's GeForce RTX 50 Blackwell family of gaming chips.
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