The declines come as chatter around an AI bubble gained more ground, with Michael Burry, known for his "Big Short" bet against the 2008 housing market, buying put options worth over $1 billion on Nvidia Corp. (NASDAQ:NVDA) and Palantir Technologies Inc. (NASDAQ:PLTR).
Meanwhile, the U.S. Government shutdown stretched into its 34th day, with experts warning that the economic consequences are becoming more severe as the standoff continues.
The 10-year Treasury bond yielded 4.08% and the two-year bond was at 3.58%. The CME Group's FedWatch tool‘s projections show markets pricing a 70.1% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.
Futures
Change (+/-)
Dow Jones
-1.02%
S&P 500
-1.33%
Nasdaq 100
-1.67%
Russell 2000
-1.81%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Tuesday. The SPY was down 1.27% at $674.69, while the QQQ declined 1.62% to $621.86, according to Benzinga Pro data.
Stocks In Focus
Advanced Micro Devices
Advanced Micro Devices Inc. (NASDAQ:AMD) fell 2.22% in premarket on Tuesday ahead of its earnings scheduled to be released after the closing bell. Analysts expect it to report earnings of $1.16 per share on revenue of $8.74 billion.
Benzinga’s Edge Stock Rankings indicate that AMD maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details are available here.
Upwork
Upwork Inc. (NASDAQ:UPWK) jumped 18.30% after reporting better-than-expected third-quarter financial results and ...
