After hitting record highs following Trump’s victory, the Dow Jones and S&P 500 hit the brakes on Tuesday, a day before the release of the consumer price index (CPI) and key CPI data.
In the afternoon, the Dow Jones Industrial Average fell 330 points, or 0.75%. Meanwhile, the S&P 500 fell 0.5%, and the tech-heavy Nasdaq also fell 0.4%.
Among technology stocks, Tesla (TSLA) and Nvidia (NVDA) rose more than 3% and 2%, respectively, while Micron Technology (MU) and Super Micro Computer (SMCI) fell 5% and 4%.
Bitcoin reached almost $90,000 and then fell
Bitcoin extended its rally after Trump’s victory, approaching $90,000 between Monday evening and early Tuesday. According to crypto tracking site Coingecko, the leading cryptocurrency hit an all-time high of $89,864, bringing its market capitalization to $1.72 trillion. This puts the value of silver at $1.71 trillion, but is still far behind gold’s estimated $17.52 trillion. However, by Tuesday morning, Bitcoin had fallen back to around $86,000.
Key earnings to watch
A number of major players announced their results before the opening bell, including Home Depot (HD), the leading home improvement retailer, and AstraZeneca (AZN), the multinational pharmaceutical company.
Spotify (SPOT), the music streaming giant, will report its earnings after the market closes, along with MARA Holdings (MARA), a major player in the cryptocurrency mining industry.
— Rocio Fabbro contributed to this article
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