Traders work on the floor of the New York Stock Exchange.
Spencer Platt | Getty Images
Stocks fell again on Tuesday after tech shares continued to retreat on concerns about valuations of artificial intelligence-related stocks and as bitcoin dropped briefly below $90,000, a sign of reduced risk-taking by investors.
The Dow Jones Industrial Average shed 498.50 points, or 1.07%, to settle at 46,091.74. The S&P 500 lost 0.83%, to end the day at 6,617.32. It was the broad-based index’s fourth straight losing session, making for its longest slide since August. The Nasdaq Composite decreased 1.21%, to finish at 22,432.85. At their lows of the session, the blue-chip Dow was lower by nearly 700 points, or 1.5%, while the broad-based S&P 500 and tech-heavy Nasdaq had fallen 1.5% and 2.1%, respectively.
The day’s moves were pressured by AI chip darling Nvidia, which fell more than 2%, and fellow “Magnificent Seven” members Amazon and Microsoft. Amazon was last down 4%, while Microsoft slumped 2%.
“We could see an 8% [or] 9% decline when all is said done,” CFRA’s chief investment strategist Sam Stovall said about the S&P 500. “It might even end up concluding sooner if we get the kind of earnings that our analyst is expecting for Nvidia, and if we get employment data that is weak but not pointing to recession.”
Nvidia has plummeted 10% this month leading up to the chipmaker’s third-quarter results due after Wednesday’s close. The company, which is reporting toward the end of a strong earnings season, has been at the center of a debate about the strength of the AI-powered market rally this year, as concerns have grown about pricey tech valuations and the soundness of AI fundamentals due to a boom in Big Tech debt offerings.
“If the top company within the top industry within the top sector says very optimistic things about the future while at the same time reporting better than expected earnings, revenues and profit margins, I think that would go a very long way to calming investor nerves,” Stovall said. “The real question is, ‘When do we monetize all of this capex?’ And that’s something that’s not going to happen this quarter or next, but it is something that is expected in the not too distant future.”
A big AI partnership announced Tuesday failed to lift related stocks like such deals have in the past. AI-startup Anthropic said it will spend $30 billion with Microsoft and, in turn, Microsoft and Nvidia will invest billions in Anthropic. Nvidia and Microsoft remained deep in the red following the deal.
“We’re going through a natural digestion of gains at this point, and people have to question the backdrop,” the strategist continued. “Something else will have to happen to make the investors say, ‘Well, wait a minute, maybe I was too early on my worries.'”
Bitcoin dropped below $90,000 on Tuesday before recovering. Many tech investors also have large cryptocurrency holdings, so the pullback raised worries that a bigger stock market drop may follow. Bitcoin was last trading just above $91,000.
Outside of tech, Home Depot shares slipped after the home improvement reported an earnings miss and cutting its full-year outlook.
These stocks could be moved by Nvidia’s results Wednesday
Signage for Palantir is seen during the Association of the United States Army annual meeting and exposition at the Walter E. Washington Convention Center in Washington on Oct. 14, 2024.
Nathan Howard | Reuters
Stocks such as Palantir Technologies, Taiwan Semiconductor Manufacturing and Super Micro Computer are among the names most correlated to Nvidia’s post-earnings fate.
Graphics processing unit maker and artificial intelligence poster child Nvidia next reports earnings after the market closes on Wednesday. LSEG consensus shows that analysts estimate Nvidia will earn $1.25 per share, which would suggest a 54% increase versus the same period a year ago. Analysts also predict revenue to come in at $55 billion, which would be a 57% year-over-year increase.
If Nvidia reports positive results, as analysts predict, its stock valuation and market capitalization could rise as a result. Other names that are very correlated with Nvidia could also climb. CNBC Pro subscribers can read more here.
— Lisa Kailai Han, Nick Wells
Meta scores victory FTC antitrust trial
Meta won its high-profile antitrust case against the Federal Trade Commission, which had accused the company of holding a monopoly in social networking.
In a memorandum opinion released Tuesday, Judge James Boasberg of the U.S. District Court in Washington, D.C., said the FTC failed to prove its argument. The case, initially filed by the FTC five years ago, centered on Meta’s acquisitions of Instagram and WhatsApp.
“Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now,” Boasberg said in the filing. “The Court’s verdict today determines that the FTC has not done so. A judgment so stating shall issue this day.” Read more.
— Jonathan Vanian
18 stocks in the S&P 500 trade at new 52-week lows
Packages of Clorox disinfecting wipes are displayed at a Costco Wholesale store on July 12, 2025 in San Diego, California.
Kevin Carter | Getty Images
On Tuesday, 18 stocks in the S&P 500 traded at new 52-week lows.
Of these names, Solstice Advanced Materials was the only ticker trading at new all-time lows.
Stocks that hit this milestone included:
- Trade Desk trading at lows not seen since November 2022
- Clorox trading at lows not seen since December 2014
- Molina Healthcare trading at lows not seen since April 2020
- Automatic Data Processing trading at lows not seen since July 2024
- Carrier Global trading at lows not seen since November 2023
- Old Dominion Freight Line trading at lows not seen since November 2022
- Adobe trading at lows not seen since March 2023
- GoDaddy trading at lows not seen since May 2024
- Motorola Solutions trading at lows not seen since June 2024
- Solstice Advanced Materials trading at all-time lows back to its spin-off from Honeywell in October 2025
On the other hand, five stocks in the benchmark reached new all-time highs, while one stock traded at a new 52-week high. These names included:
- Eli Lilly trading at all-time high levels back to 1952 when the company offered its first public shares of stock
- Medtronic trading at levels not seen since May 2022
- Expeditors International trading at all-time high back to their IPO in 1984
- Ventas trading at all-time high levels, back to its spin-off from Vencor in 1998
- Welltower trading at all-time high levels back to its incorporation as Health Care REIT in 1985
- American Electric Power trading at all-time highs back through our history to 1972
— Christopher Hayes, Lisa Kailai Han
Small cap stocks buck downturn
Small cap stocks were able to avoid the broader market’s downturn on Tuesday.
The small cap-focused Russell 2000 added 0.8% in midday trading. By comparison, the S&P 500 slipped 0.2%.
Russell 2000 vs S&P 500, 1-day
Despite Tuesday’s pop, the Russell 2000 is still down more than 1% on the week — underscoring its slide on Monday.
— Alex Harring
Stocks making big moves midday
A screen displays the company logo for Swedish fintech Klarna,during the company’s IPO on the floor of the New York Stock Exchange in New York City, U.S., Sept. 10, 2025.
Brendan McDermid | Reuters
Check out the companies making the biggest moves midday:
- Klarna — The buy now, pay later platform tumbled almost 10% after its first earnings report since its September IPO showed a third-quarter operating loss of $83 million versus operating profit a year ago of $13 million.
- Strategy — The crypto proxy rose 7%, as flagship digital currency bitcoin recovered after hitting its lowest level since April.
- Cloudflare — The cloud and cybersecurity stock fell nearly 3% amid an outage that impacted some of the biggest platforms in the world, including social media site X and ChatGPT.
- Cogent Communications — The internet access provider jumped 7% after the company’s board reinstate its $100 million share repurchase program.
Read more here.
— Fred Imbert
267 S&P 500 advancers
The S&P 500 was down 0.6%, as of midday trading. However, a peek under the hood showed performance was more evenly split across the index.
There were 267 advancers in the broad market index. Five out of the 11 S&P 500 were in positive territory. The S&P 500 Equal Weighted Index was outperforming, as it was only marginally lower.
— Sarah Min
Energizer on pace for worst day on record after company reports earnings miss
Energizer batteries are displayed on a shelf at a Home Depot store on Aug. 4, 2025 in San Rafael, California.
Justin Sullivan | Getty Images
Energizer Holdings fell 18% in midday trading Tuesday, putting shares on track for their worst day ever, after the company’s fourth-quarter earnings missed Wall Street expectations.
Energizer posted $1.05 in adjusted earnings per share for the quarter, below the $1.12 per share that analysts polled by FactSet were expecting. Revenue, however, beat analysts’ expectations, coming in at $832.8 million versus the consensus estimate of $829.8 million.
The company also issued disappointing first-quarter guidance, with CEO Mark LaVigne citing President Donald Trump’s tariffs as a key driver. Energizer expects adjusted earnings in the period to be between 20 cents and 30 cents per share, while analysts had penciled in 73 cents per share, per FactSet.
“As we begin Fiscal 2026, we are operating through a period of transition, with the first quarter more heavily affected by temporary tariff costs and mitigation effort,” LaVigne said in a statement, noting that the company has “responded decisively.”
ENR, 1-day
— Sean Conlon
Layoffs continuing but at subdued pace, new labor data show
Updated data is showing more evidence that the U.S. labor market is stuck in neutral or worse.
ADP, in its rolling estimates of hiring activity, showed that private employers cut 2,500 jobs on average over the past four weeks. That’s actually an improvement from the pace of 11,250 jobs lost in last week’s update.
At the same time, the Labor Department, which had suspended data collection and releases during the government shutdown, updated its data base Monday to show that initial jobless claims totaled 232,000 for the week ended Oct. 18. There were no updates for the prior three weeks, nor the three weeks that followed.
The latest total is an increase from the 219,000 shown in the last report from Sept. 20 but generally in keeping with a trend that has seen a slight elevation in layoffs.
— Jeff Cox
Anthropic strikes $30 billion deal with Microsoft and Nvidia as broader tech slump continues
Rasit Aydogan | Anadolu | Getty Images
Multi-billion dollar spending announcements from key AI hyperscalers failed to revive the tech trade on Tuesday.
AI startup Anthropic announced a strategic partnership with Microsoft, under which it will purchasing $30 billion of Azure compute capacity from the company and remains contracted for additional compute capacity up to one gigawatt. As part of the agreement, Microsoft said it will invest $5 billion into Anthropic, while Nvidia will invest $10 billion into the company, according to a blog post.
Nvidia and Anthropic are collaborating to “support Anthropic’s future growth” for the first time, the blog post said.
Still, shares of Microsoft and Nvidia traded 1.9% and 0.5% lower Tuesday morning. The news comes amid a broader slump in tech shares, which has lead the S&P 500 to close three losing sessions in a row.
— Pia Singh
Intuit shares rise after OpenAI deal announcement
A sign is posted in front of a building at Intuit headquarters in Mountain View, California, on Nov. 28, 2023.
Justin Sullivan | Getty Images
Tax software provider Intuit has agreed to pay OpenAI more than $100 million a year to use the artificial intelligence startup’s large language models to bolster its financial products. Read more.
INTU, 1-day
— MacKenzie Sigalos
Stocks open in the red
Stocks began Tuesday’s session solidly lower.
The Dow Jones Industrial Average declined 470 points, or 1%, shortly after the opening bell, while the S&P 500 fell 0.5%. The Nasdaq Composite also shed 0.5%.
— Sean Conlon
Stocks making big moves before the bell
Check out the companies making headlines before the bell:
- Helmerich & Payne — The drilling rig company fell more than 7% following disappointing earnings results. In its fiscal fourth quarter, Helmerich and Payne reported an adjusted loss of 1 cent per share, missing the FactSet consensus estimate of 23 cents earnings per share. On the other hand, revenue beat analysts’ expectations.
- Home Depot — The stock pulled back 1.2% after the company reported third-quarter earnings that missed analyst expectations. The home improvement giant earned $3.74 per share, adjusted, while analysts polled by LSEG had forecast a profit of $3.84 per share. Home Depot also cut its full-year earnings outlook.
- Blue Owl Capital — The alternative asset manager fell 1%, putting it on pace to build on its 5.8% decline from the prior session. The stock has fallen for three trading days in a row. Investors in the private fund face big losses and will be blocked from redeeming their money until next year, according to reports.
- Amer Sports — Shares jumped 8% after the sports equipment company behind brands such as Salomon and Wilson topped expectations in its most recent earnings results. Earnings of 33 cents per share, excluding items, exceeded the earnings of 25 cents per share expected by analysts polled by FactSet. Revenue of $1.76 billion also came in above the forecasted $1.72 billion.
Read more here.
— Fred Imbert
Klarna shares rise after third-quarter revenue tops estimates
Traders on the floor prepare for the initial public offering (IPO) of the online lender Klarna at the New York Stock Exchange (NYSE) on September 10, 2025 in New York City.
Spencer Platt | Getty Images
Shares of Klarna rose more than 1% in premarket trading Tuesday on the heels of the buy now, pay later firm’s first earnings report since its stock’s New York Stock Exchange debut.
The company posted revenue for the third quarter of $903 million, while analysts surveyed by LSEG had estimated about $882 million.
KLAR, 1-day
— Sean Conlon
Bitcoin briefly falls below $90,000
Bitcoin offices are seen in Istanbul, Turkey, on February 28, 2024.
Umit Turhan Coskun | Nurphoto | Getty Images
Bitcoin is now in the red for this year as investors continued to shed their speculative technology holdings with the cryptocurrency first among them.
Bitcoin was last trading around $91,000, but earlier Tuesday touched $89,259, its lowest since April 22. With Tuesday’s losses, bitcoin is now down 2% for the year, per FactSet.
The move comes as investors have shed their AI-related tech holdings this month in the stock market. Bitcoin appeared to foreshadow the risk-off move, peaking in early October at a record above $126,000 and sliding ever since. Read more.
Bitcoin, 1-day
— John Melloy
Blue Owl extends losses
Blue Owl fell more than 1% in the premarket, putting the alternative asset manager — which is also a big private credit lender to companies in the AI space — on pace to build on its 5.8% decline from the prior session. The stock has fallen for three trading days in a row.
OWL 5-day chart
— Fred Imbert
Home Depot falls on earnings miss
In an aerial view, a sign is seen posted on the exterior of a Home Depot store on February 21, 2023 in El Cerrito, California.
Justin Sullivan | Getty Images
HD 5-day chart
— Fred Imbert
Stocks moving in after-hours trading Monday
Monday evening saw just a couple names move on the back of earnings.
Shares of drilling rig company Helmerich and Payne lost more than 8% in extended trading on the back of its disappointing earnings results. Helmerich and Payne reported a fourth-quarter loss of 1 cent per share, excluding items, while analysts polled by FactSet expected the company to earn 23 cents per share. Revenue beat analysts’ expectations, per FactSet.
James Hardie Industries added 5% in extended trading, meanwhile, after the cement and gypsum maker company beat on top and bottom lines, and raised its annual forecast.
Earnings are expected to heat up this week with companies such as Nvidia, Walmart, Home Depot, Target and TJX Companies on deck to report quarterly results.
— Pia Singh
Most-shorted stocks are returning from orbit, S3 Partners says
The October high in a basket of the most highly-shorted stocks “now looks like the blow-off top,” according to S3 Partners, a researcher specializing in monitoring short interest for professional investors. Although the basket is still crushing the S&P 500 in 2025, soaring 52% year-to-date, “a historic run is finally cooling,” since Oct. 15, when the index had climbed by more than 70%.
“The defining feature of 2025 has been the persistence of high-short-interest factor outperformance,” S3 wrote Monday. “Short-interest-heavy names led returns for most of the year, with squeezes and positioning stress repeatedly overshadowing fundamentals,” now the gap with the average U.S. stock is narrowing, the firm said.
“The largest moves occurred where long and short capital were most directly opposing each other,” said the researchers. “Short-Biased names, where short interest exceeds active long interest, saw the most pronounced squeezes and liquidity-driven spikes.”
Looking ahead, with more crowding and “contested positioning” since 2020, “the market has become more sensitive to abrupt sentiment and liquidity shifts,” S3 said.
— Scott Schnipper