FX.co ★ US Stocks Trim Gains on Tech Pullback

On Tuesday, US stock markets saw initial gains erased as major tech stocks experienced a pullback. This comes as investors continue to evaluate whether the anticipated returns from artificial intelligence investments will materialize and as they assess future interest rate movements. The S&P 500 and Nasdaq 100 both slightly declined from their previous record highs, while the Dow Jones Industrial Average maintained its position above the headline. Nvidia's stock fell nearly 3%, reducing much of the previous day's rally, which was fueled by its announcement of a potential $100 billion investment in OpenAI. Other companies with significant database operations also experienced declines, with Oracle and Amazon falling 4% and 2%, respectively. Conversely, Kenvue saw an over 3% rise, recovering some losses from the previous session as investors reassessed the effect of former President Trump's unfounded criticism of the company's Tylenol medication. Boeing's stock increased by more than 2%, leading the Dow, following Trump's announcement that a new order from Uzbekistan Airways would be valued at $8 billion. On the macroeconomic side, S&P Purchasing Managers' Indexes (PMIs) indicated a slowing growth trajectory ahead of the release of personal income and expenditure data on Friday.