Stocks Dive as Nvidia, Tesla Tumble, Bitcoin Hits 3-Month Low

The S&P 500 and tech-heavy Nasdaq Composite were down 0.9% and 1.7%, respectively, in recent trading, while the Dow Jones Industrial Average was off 0.1%

Major indexes slipped further into the red Tuesday morning as Nvidia, Tesla and shares of other major technology companies tumbled, while bitcoin fell to its lowest level in three months.

The S&P 500 and tech-heavy Nasdaq Composite were down 0.9% and 1.7%, respectively, in recent trading, while the Dow Jones Industrial Average was off 0.1%, after giving back earlier gains. The S&P 500 and Nasdaq are coming off of three straight days of big declines, while the Dow eked out a slight gain on Monday after posting its worst weekly performance since October last week.

The major indexes, which were near record highs a week ago, have stumbled in recent sessions amid investor concerns about the economic outlook and uncertainty about the potential impact of policies coming out of the White House. Weaker-than-expected consumer confidence data released this morning added to the negative sentiment.

Shares of major technology companies, which led the decline on Monday, were lower across the board this morning. AI chipmaker Nvidia (NVDA), which is due to report quarterly results after the closing bell tomorrow, was down 3%, while EV maker Tesla (TSLA) plunged more than 8%. Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also lost ground.

Super Micro Computer (SMCI) shares were down 8% ahead of a deadline today for the server maker to file delayed 2024 financial reports required by Nasdaq. Palantir (PLTR) shares, which have lost about a quarter of their value in the past week amid concerns the analytics software company could be affected by reduced Defense Department spending, slid 4%.

Shares of Home Depot (HD) were up more than 3%, leading Dow gainers, after the home improvement retailer reported quarterly results that topped Wall Street estimates but issued a weaker-than-expected outlook.

The earnings calendar is relatively light on Tuesday but picks up in the coming days. In addition to the Nvidia report, which is arguably the most important earnings release of the quarter for market participants, Lowe's (LOW), Salesforce (CRM) and Dell Technologies (DELL), among others, are set to report results.

Shares of companies tied to bitcoin were losing ground this morning as the digital currency dropped below $90,000 for the first time in more than a month. Bitcoin was trading at $86,900 recently, down from around $93,000 late Monday and near $100,000 at the end of last week.

Shares of Strategy (MSTR), which was formerly known as MicroStrategy and is among the world's largest holders of bitcoin, were down 11%. Crypto exchange Coinbase Global (COIN) and bitcoin miner MARA Holdings (MARA) fell 7% and 11%, respectively.

Gold futures were down 1.4% at around $2,920 an ounce, retreating from record high levels hit on Monday, while West Texas Intermediate crude oil futures slipped 2.4% to $69.00 per barrel.

The yield on the 10-year Treasury, which is correlated with expectations about where interest rates are headed and influences all sorts of borrowing costs, was at 4.29%, down from 4.39% yesterday and trading at its lowest level in more than two months. The yield has fallen as concerns about the economy have risen.