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Stocks fell Tuesday as Wall Street kept struggling to find its footing in September, and an earlier pop in tech shares fizzled.
The Dow Jones Industrial index stumbled 390.64 points, or 1%, to move into Tuesday afternoon at 40,438.95.
The S&P 500 index sank 23.57 points to 5,446.39.
The NASDAQ tumbled 60.59 points to 16,824.02.
Nvidia was 1% lower after rising more than 2% at its high of the day. Alphabet, AMD and Meta Platforms were also slightly lower. Tech stocks have been struggling of late, losing more than 7% this quarter. Those moves come as concern over the state of the economy grows, leading investors to dump high-flying tech names.
Bank stocks also put pressure on the broader market. Shares of JPMorgan fell 7.3% after the company offered cautious commentary on net interest income in 2025 at an industry conference.
On the earnings front, cloud platform company Oracle surged nearly 12.5% after posting fiscal first-quarter results that topped expectations and announcing a partnership with Amazon Web Services to provide database services.
Investors are also betting that a widely anticipated interest rate cut at the Federal Reserve’s Sept. 17-18 meeting could help assuage concerns over a weakening economy.
Traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday.
Prices for the 10-year Treasury jumped, lowering yields to 3.66% from Monday’s 3.71%. Treasury prices and yields move in opposite directions.
Oil prices took on $2.95 to $65.76 U.S. a barrel.
Gold prices brightened $7.40 to $2,540.10.
