NEW YORK (AP) 鈥� The U.S. stock market gave back more of its rally Tuesday after rattled by cranked up the pressure.
The S&P 500 fell 0.7% for its since setting its latest all-time high. The Dow Jones Industrial Average dropped 322 points, or 0.6%, and the Nasdaq composite sank 0.8%.
The declines followed mixed moves for stock markets abroad, while oil prices eased in their latest yo-yo move. Falling technology stocks in Asia dragged South Korea鈥檚 Kospi down 3.3%, but Germany鈥檚 DAX returned 0.4%.
Tech stocks are faltering following huge runs made because of excitement around technology, runs that critics said made them too expensive. The stumble comes as oil prices swing on uncertainty about how long will keep the Strait of Hormuz closed for oil tankers. That in turn has pushed yields higher in , which is dragging on economies and pressuring all kinds of other investments.
The wait is on, meanwhile, for Nvidia to report its latest quarterly results. The chip company is due to report on Wednesday, and it鈥檚 routinely blown past analysts鈥� expectations each quarter. Not only that, it鈥檚 provided forecasts for future growth that have consistently topped Wall Street鈥檚.
How it does could determine whether technology stocks and the larger U.S. stock market can maintain their rally. Nvidia fell 0.8% Tuesday and was one of the heaviest weights on the S&P 500 because of its immense size.
鈥淓very flow has its ebb,鈥� Rex Feng, Venu Krishna and other strategists at Barclays Capital wrote in a report. They said investors have been pumping more money than usual into U.S. stock funds, which helped fuel 鈥渢he fastest rebound in decades; now the pendulum could swing backwards.鈥�
Akamai Technologies dropped 6.3% for one of Wall Street鈥檚 sharper losses after the cybersecurity and cloud computing company said it wants to raise $2.6 billion through a convertible note offering.
Home Depot rose 0.9% after flipping an early loss following its latest earnings report. Its profit and revenue edged past analysts鈥� expectations, but an important measure for retailers that looks at performance for stores more than 1 year old came in below some analysts鈥� expectations.
CEO Ted Decker said Home Depot saw similar demand from its customers as it did throughout last year 鈥渄espite greater consumer uncertainty and housing affordability pressure.鈥�
So far, many big U.S. companies have been reporting stronger-than-expected profits for the latest quarter thanks in part to their customers continuing to spend in the face of high gasoline prices and other challenges. That鈥檚 helped vault U.S. stock indexes to records, but disquiet in the bond market is threatening that.
In the bond market, Treasury yields climbed further. The yield on the 10-year Treasury rose to 4.66% from 4.61% late Monday and from less than 4% before the war with Iran began. That鈥檚 a notable increase, and it鈥檚 part of a worldwide climb that鈥檚 making stock prices look even more expensive and threatening to slow the economy.
Higher yields can drive up rates for mortgages and loans going to companies to build AI data centers, which has been a big source of growth for the economy.
Yields rose even as oil prices eased. The price for a barrel of Brent crude slipped 0.7% to settle at $111.28, though it鈥檚 still well above its $70 level from before the war with Iran.
The average price for a gallon of gasoline rose again overnight to $4.53, according to the AAA motor club, or about 43% more than it cost last year at this time.
All told, the S&P 500 fell 49.44 points to 7,353.61. The Dow Jones Industrial Average dropped 322.24 to 49,363.88, and the Nasdaq composite sank 220.02 to 25,870.71.
In stock markets abroad, London鈥檚 FTSE 100 edged up 0.1% despite a 2.2% drop for Standard Chartered. The bank said Tuesday it plans to reduce over 7,800 roles as it steps up artificial intelligence and automation uses. It鈥檚 the latest big company to cite AI as one of the reasons for cutting jobs.
___
AP Business Writers Yuri Kageyama, Matt Ott and Chan Ho-him contributed to this report.
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
