US stock indices tumbled on Tuesday, as investors expressed renewed scepticism regarding the high valuations of technology firms, following warnings from the chief executives of top Wall Street banks who forecast a potential market sell-off.
The latest sales forecast from AI favourite Palantir also failed to impress the market.
At the open, the Dow Jones Industrial Average fell 188.6 points, or 0.40%, to 47,148.04. The S&P 500 lost 63.4 points, or 0.93%, to 6,788.52, while the Nasdaq Composite dropped 376.5 points, or 1.58%, to 2,3458.211.
Bullion Market
Gold prices pared earlier losses on Tuesday, finding support from a halt in the US dollar’s rally and a dip in Treasury yields.
Spot gold was last down 0.2% at $3,994.47 an ounce by 1210 GMT, after having declined by as much as 0.9% earlier in the session. US December gold futures also slipped 0.2% to $4,004.70 an ounce.
In other metals, spot silver fell 0.6% to trade at $47.80 an ounce, platinum dipped 0.5% to $1,558.25, and palladium declined 2.8% to $1,405.
Crude Oil
Crude oil prices experienced significant declines on Tuesday due to a confluence of bearish factors such as the OPEC+ production decision to pause output hikes in the first quarter of next year, weak global manufacturing data, and a strengthening US dollar.
Brent crude futures fell 81 cents, or 1.25%, to $64.08 a barrel by 1310 GMT. US West Texas Intermediate crude was down 84 cents, or 1.38%, at $60.21.