S&P 500 Slips Ahead of Key Tech Results
The S&P 500 dipped modestly as investors processed a new round of corporate earnings while awaiting major technology reports later in the day. U.S. equities showed mixed performance on Tuesday, with futures edging lower as traders reassessed valuations following an active earnings season.
Market Overview
The benchmark S&P 500 declined 0.20% to close at 6,850.43, remaining close to record highs after Monday’s rally driven by artificial intelligence optimism. During that session, the S&P 500 and Nasdaq Composite rose 0.17% and 0.46% respectively, supported by continued strength in AI-linked stocks.
Corporate Highlights
- Palantir Technologies dropped nearly 3% in after-hours trading despite exceeding Wall Street’s third-quarter expectations and issuing strong guidance.
- Hims & Hers Health jumped more than 5% after revealing talks with Novo Nordisk to provide access to Wegovy, its weight-loss medication, through the company’s telehealth service.
Upcoming Earnings
Traders are now looking ahead to earnings from AMD, Uber, Spotify, Pfizer, and Super Micro Computer. These results may offer more insight into corporate profitability amid signs of slowing global economic growth.
Tech Momentum and Sector Shifts
Amazon rallied 4% to a record after announcing a $38 billion collaboration with OpenAI. Nvidia gained over 2% as Microsoft received approval from the U.S. Commerce Department to supply its chips to data centers based in the UAE. Meanwhile, the Dow Jones Industrial Average fell 0.48%, pressured by declines in energy and financial stocks.
“The benchmark index slipped 0.20% to 6,850.43, though it remains near record territory after Monday’s AI-driven rally.”
Author’s Summary: The S&P 500 edged lower as investors awaited major tech earnings, balancing optimism from AI gains with concern over global growth and sector pressures.