The S&P 500 and Nasdaq pulled back on Tuesday after notching record highs yesterday, with weakness taking hold in tech. A report that sparked fears around OpenAI's financial sustainability was in focus, with higher oil prices adding more pressure. The Dow settled just below breakeven, as chip names including Nvidia (NVDA), Broadcom (AVGO), and Intel (INTC) slid alongside the VanEck Semiconductor ETF (SMH).
Gold Prices Slip Ahead of Fed Meeting Kickoff
Oil prices sured on Tuesday, amid reports that President Donald Trump was dissatisfied with Iran’s proposal to reopen the Strait of Hormuz. June-dated West Texas Intermediate (WTI) climbed over 3% to settle at $99.93 per barrel.
Gold prices slid sharply, pressured by inflation concerns and uncertainty ahead of the Federal Reserve’s interest rate decision. June-dated gold futures fell 2.3% to settle at $4,584.70 an ounce.
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