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Stock market today: Dow, S&P 500, Nasdaq drift lower as tech slides

US stock futures fell on Tuesday morning as the AI trade, earnings, and an upcoming Fed decision remained in focus.

Contracts for the Nasdaq-100 (NQ=F) fell 0.3%, while futures on the Dow Jones Industrial Average (YM=F) moved just above the flatline. Those on the S&P 500 (ES=F) drifted lower, following Monday’s gains.

AI stocks continued to benefit from revived enthusiasm after Anthropic’s (ANTH.PVT) IPO investor prospectus, which the company filed publicly on Monday, highlighted the promise — and risks — of artificial intelligence. In Asia, the resurgent AI trade helped lift South Korean chip stocks and the KOSPI (^KS11) index, pointing to a solid opening for US tech stocks.

Another catalyst for tech investors arrives Wednesday, when Alphabet (GOOG) and Microsoft (MSFT) report their third quarter results. In the meantime, on Tuesday, investors will have a chance to digest earnings from blue-chip companies including UPS (UPS), Coca-Cola (KO), Visa (V), and Boeing (BA).

Anticipation also continues to build ahead of the Federal Reserve’s interest rate decision on Wednesday. Policymakers will begin their two-day meeting on Tuesday to discuss whether hotter-than-expected inflation warrants a rate hike. Investors aren’t convinced the Fed will move, pricing in just 10% odds of a hike, per CME Group.

LIVE 1 update

  • Oil eases on Middle East diplomacy hopes, Saudi attacks keep supply worries alive

    Reuters reports:

    Oil prices edged lower on Tuesday as the potential for a resolution in the US-Israeli war on Iran kept supply ‌fears at bay, but Brent stayed close to six-month highs as ‌attacks on Saudi Arabia lowered hopes of immediate stability in the region.

    Saudi Arabia, Turkey and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tensions in ‌the Middle East. Saudi Arabia ⁠said the visit sought to establish open negotiating channels to “prevent the return of military escalation”. The four countries agreed to continue ⁠talks with a view to strengthening cooperation in peace and security, Iranian state media reported.

    Hopes of resolution in the conflict erased some fears of supply disruption, lowering risks ​and pressuring ​oil prices.

    However, losses were limited as scope ​for peace looked fragile, with ‌renewed attacks by Iran-aligned Houthis on key producer Saudi Arabia.

    Read more.

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