US equity markets opened lower on Tuesday, reversing part of Monday’s sharp technology-led rebound. The Nasdaq Composite declined 0.51%, while the S&P 500 fell 0.13%; the Dow Jones Industrial Average bucked the trend and opened 0.14% higher. The move came a day after the Nasdaq 100 jumped 1.44% and an opening rally added an estimated $470 billion in market value, as investors bought beaten-down technology shares following last week’s AI-driven selloff.
AI-linked stocks were again under pressure as concerns persisted over the debt required to finance data-centre expansion. CoreWeave and Nebius Group each fell around 4.6%, while Nvidia slipped about 1.38% and Apple edged 0.3% lower. Micron Technology and SanDisk lost roughly 2% each, Seagate Technology, Intel and Advanced Micro Devices declined more than 1%, and the VanEck Semiconductor ETF fell more than 1.4%. CoreWeave remained volatile after losing more than 25% last week and failing to hold gains following a Goldman Sachs upgrade. Sentiment was further hit by South Korean AI infrastructure company Elice Group, which fell nearly 30% in its market debut after raising about $151.12 million.
Oil prices added to investor caution, with Brent crude trading near a five-month high amid reports of attacks on Saudi infrastructure and vessel attacks in the Persian Gulf. Investors are also positioning for a busy earnings calendar: SpaceX and Netflix report after Tuesday’s close, followed by Meta Platforms and Tesla on Wednesday. Corporate updates were mixed, with 3M rising 3.4% after expanding its data-centre partnership with Amazon, while General Motors dropped 5.24% and Steel Dynamics fell 3.29% after disappointing guidance or results.
