FX.co ★ S&P and Dow Fall for 4th Session

On Tuesday, the S&P 500 and Dow Jones experienced declines for the fourth session in a row, with respective decreases of 0.5% and 0.8%. Similarly, the Nasdaq fell by 0.6%. This trend was fueled by traders' cautious sentiment in light of heightened concerns over high valuations in AI and tech stocks, particularly ahead of Nvidia’s upcoming earnings report. The consumer discretionary sector suffered the most, while consumer staples showed resilience. Notably, Nvidia, Microsoft, Amazon, and Meta experienced significant downturns, with Nvidia dropping by 1.4%, Microsoft by 1.5%, Amazon by 1.9%, and Meta also seeing declines. Home Depot saw a sharp drop of over 4% after it lowered its full-year profit forecast. Meanwhile, investors are watching closely as key economic data releases, postponed due to the government shutdown, resume. There are concerns that the data might dissuade the Federal Reserve from further interest rate cuts. Recent figures reveal that initial jobless claims stood at 232,000 for the week ending October 18, while continuing claims reached 1.957 million, marking the highest level since August. The weekly ADP report indicated that companies reduced an average of 2,500 jobs over the four weeks leading up to November 1st.