S&P500 loses 5,000 points after falling for second straight session
Major US indices closed with collective losses on Tuesday, pressured by Nvidia stock and growing concerns about further delays in the timing of interest rate cuts.
Investors are awaiting the minutes of the Federal Reserve's latest policy meeting this week, as well as statements from a number of central bank officials.
Performance of major US indices:
The Dow Jones index fell 0.2%, or 64 points, in Tuesday's session to close below 38,600 points.
The Nasdaq Composite Index fell 0.9%, recording its second consecutive daily loss.
The S&P 500 index also fell 0.6% to close below 5,000 points, declining for the second straight session.
The energy index topped the list of losers as oil prices fell by more than 1% on Tuesday.
Nvidia stocks
Nvidia shares fell 4.7% on Tuesday, posting their biggest daily loss in four months, as the company lost $78 billion in market value in a single day.
The losses were attributed to investors' concerns about whether the company's quarterly results, due after markets close on Wednesday, would justify its lofty valuation.
Analysts expect Nvidia to post a 240% jump in quarterly revenue to $20.6 billion.
AI-powered bets have helped Nvidia become the third-largest U.S. company by market value,
It also recently replaced Tesla as the most actively traded stock on Wall Street.
Walmart stocks:
Walmart shares rose 3.2% in Tuesday's session to close at an all-time high, and the company added $15 billion to its market value in a single day.
The gains came after the US retail giant forecast fiscal 2025 sales well above Wall Street expectations and raised its annual dividend by 9%.
The company reported fourth-quarter e-commerce sales growth of 23% year-over-year to exceed $100 billion.
Meanwhile, Walmart confirmed it will acquire smart TV maker Vizio in a $2.3 billion deal.
