The blue-chip index hit a record high earlier in the session
In a sharp reversal, the Dow pulled back from record highs on Tuesday to settle more than 150 points lower, despite Walmart (WMT) crossing the $1 trillion market cap threshold. The S&P 500 finished firmly in the red as well, while the Nasdaq dropped 336 points as investors rotated out of tech. Bitcoin (BTC) extended its recent losses, falling below $73,000 for the first time since November 2024. Elsewhere, the House of Representatives passed a bill that could end the partial government shutdown that has been in effect since Saturday, with President Trump stating he will sign it immediately.
Continue reading for more on today's market, including:
5 Things to Know Today
- Nvidia (NVDA) CEO Jensen Huang said the chipmaker's plan to invest in OpenAI remain "on track," dismissing reports of tension between the companies. (CNBC)
- Elon Musk's rocket designer and manufacturer SpaceX acquired his own AI company, xAI, bringing their combined valuation to $1.2 trillion. (Barron's)
- How options traders feel about silver amid rebound.
- AAPL could be headed higher after bullish crossover.
- Teradyne stock surged to records after a stellar quarter.
Gold, Silver Prices Making a Comeback
Oil prices surged on Tuesday, following news that the U.S. struck down an Iranian drone after it approached a U.S. aircraft carrier in the Strait of Hormuz. Investors are concerned the strike could heighten U.S.-Iran tensions. March-dated West Texas Intermediate (WTI) crude rose $1.07, or a whopping 1.7%, to at $63.21 a barrel.
Gold prices bounced back after suffering steep losses over the last few days, with silver also rebounding. February-dated gold futures rose 6.4% to settle at roughly $4,949 per ounce.