The US markets ended lower on Tuesday amid weakness in technology stocks. Investors took a cautious approach ahead of AI darling Nvidia’s quarterly result on Wednesday. The strength of Nvidia's results and its guidance could have a significant impact on the markets amid recent concerns about an AI bubble. Besides, traders were looking ahead to the release of some U.S. economic data that was delayed by the government shutdown, including the September jobs report on Thursday. Meanwhile, market participants overlooked the report released by the Commerce Department showing that a significant rebound by new orders for U.S. manufactured goods in the month of August. The report said factory orders jumped by 1.4 percent in August after tumbling by 1.3 percent in July. The rebound was in line with street's estimates.
On the sectoral front, significant weakness has been seen in computer hardware stocks, with the NYSE Arca Computer Hardware Index plunging by 3.7 percent. Further, retail stocks showed considerable move to the down side, as reflected by the 2.4 percent slumped by the Dow Jones U.S. Retail Index.
Dow Jones Industrial Average slumped 498.50 points or 1.07 percent to 46,091.74, S&P 500 slid 55.09 points or 0.83 percent to 6,617.32 and Nasdaq tumbled 275.23 points or 1.21 percent to 22,432.85.
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