Tuesday was another rough session on Wall Street, with all three major indexes closing in the red as a confluence of concerns — a weakening dollar, lingering trade policy uncertainty, and fresh fears around tech export controls — kept buyers on the sidelines. The S&P 500 shed 1.3% to close at 5,241, while the tech-heavy Nasdaq bore the brunt of the selling, dropping 1.8% to 16,320.
The day's big story was Nvidia, which fell more than 5% after reports indicated the Biden-era chip export framework could be tightened further under the current administration, potentially restricting advanced AI chip sales to a broader list of countries. The news rippled across the semiconductor space, dragging AMD and Broadcom lower as well.
On the flip side, gold continued its historic run, briefly touching $3,315 per ounce before settling around $3,310. That lifted mining stocks broadly, with Newmont gaining over 4% to lead the S&P 500. The precious metal has now risen in six of the last seven sessions as investors seek shelter from macro uncertainty.
The VIX climbed to 28.4, signaling elevated anxiety. Oil slipped to $63.70 amid demand concerns tied to slowing global growth forecasts. With no major Fed speakers scheduled and earnings season heating up, markets remain in a reactive, headline-driven mode.