The S&P 500 Index ($SPX) (SPY) Tuesday closed down by -0.76%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.75%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.37%.
Stocks on Tuesday settled moderately lower. Chip stocks sold off Tuesday and weighed on the broader market after Bloomberg reported that the Biden administration is discussing capping sales of advanced AI chips on a country-specific basis. Chip stocks extended their losses on Tuesday when ASML Holding NV plunged after reporting weaker-than-expected Q3 bookings. Energy stocks also sold off Tuesday after WTI crude oil sank more than -4% to a 2-week low when the Washington Post reported that Israeli Prime Minister Netanyahu told the Biden administration he is willing to strike military rather than oil or nuclear facilities in Iran. In addition, managed healthcare stocks were under pressure Tuesday after UnitedHealth Group cut its full-year adjusted EPS forecast.
