Major U.S. equities indexes extended their slide Tuesday afternoon, amid worries about an AI bubble. The Dow Jones Industrial Average and Nasdaq were down about 1%, while the S&P 500 fell 0.6%.
Home Depot (HD) shares fell 4% after the home-improvement retailer reported disappointing third-quarter earnings and cut its full-year profit outlook.
Cloudflare (NET) shares declined 3% after the web security company was affected by an outage that hit several prominent customers, including social media site X and ChatGPT.
Shares of Nvidia (NVDA), which reports quarterly results after the bell Wednesday, were down 3%. Microsoft (MSFT) shares were also about 3% lower after the two Magnificent 7 members announced partnerships with Claude AI developer Anthropic. Nvidia and Microsoft said they will invest up to $10 billion and up to $5 billion, respectively, in Anthropic as part of the deals.
Medtronic (MDT) shares rose 4% after the maker of medical devices reported better-than-expected fiscal 2026 second-quarter results and lifted its full-year outlook.
Shares of crypto-treasury firm Strategy (MSTR), which entered Tuesday down 27% this month as the price of Bitcoin has tumbled, rebounded roughly 6% along with the price of the largest cryptocurrency.
Merck (MRK) stock advanced 4% after the pharmaceutical firm announced positive results from a Phase 2 trial of a heart drug.
Oil and gold futures slipped. The yield on the 10-year Treasury note edged lower. The U.S. dollar was little changed against the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
