The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -1.44%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -3.29%. September E-mini S&P futures (ESU26) fell -1.41%, and September E-mini Nasdaq futures (NQU26) fell -3.28%.
Stock indexes sold off sharply on Tuesday, with the S&P 500 posting a 1.5-week low and the Dow Jones Industrial Average and the Nasdaq 100 posting 1-week lows. Concerns over the high valuations of chipmakers and memory stocks, among the biggest beneficiaries of the artificial-intelligence trade, have led to global selling in those sectors on Tuesday as investors question whether future returns can justify current spending on AI. Tuesday’s +5% jump in International Business Machines limited losses in the Dow Jones Industrials.
