The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -1.17%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.07%. December E-mini S&P futures (ESZ25) fell -1.17%, and December E-mini Nasdaq futures (NQZ25) fell -2.08%.
US stock indexes retreated on Tuesday, with the S&P 500 falling to a 1.5-week low and the Dow Jones Industrials and Nasdaq 100 dropping to 1-week lows. Shares of AI bellwether Palantir Technologies closed down more than -7% to lead AI-infrastructure stocks lower on Tuesday despite reporting better-than-expected Q3 sales. The price-to-sales ratio for Palantir Technologies rose to 85, the highest in the S&P 500, raising concerns about extreme valuations and sparking a long liquidation in the stock. The weakness of the Magnificent Seven megacap technology stocks and semiconductor makers on Tuesday also weighed on the overall market.
