S&P 500 closes lower as Nvidia pulls down tech sector, Dow briefly touches record: Live updates

A decline in tech stocks pressured the market during Tuesday's trading session.

The S&P 500 slid 0.59% to close at 6,411.37. The tech-heavy Nasdaq Composite shed 1.46% to settle the session at 21,314.95. The Dow Jones Industrial Average added 10.45 points, or 0.02%, ending at 44,922.27.

— Pia Singh

Hedge funds net bought U.S. stocks last week at the fastest pace in seven week as the broader market hit a record high, according to data from Goldman Sachs' prime brokerage.

The buying was driven by macro products, or securities tied to economic events, Goldman said.

Fund managers rotated out of defensive stocks — health care, staples and utilities — after buying the group for six week in a row, Goldman said.

— Yun Li

Amazon's cloud segment could drive more growth for the e-commerce stock from here, according to Loop Capital.

Loop reiterated its buy rating on Amazon stock in a Monday note, and raised its price target to $300 per share from $290. The firm's forecast implies about 30% upside from Monday's $231.49 close.

"AWS has yet to hit its gen-AI inflection in revenue growth. While delivering its 2nd best quarter ever for incremental margin and calling out capacity constraints, its two competitors saw meaningful growth acceleration last quarter," analyst Rob Sanderson said. "We [think] this is because of a longer capex cycle, customer concentration (OpenAI is an outsized contributor to Azure) and perhaps a somewhat later start in capacity expansion and that acceleration is coming in 2H and in 2026."

Shares have gained about 6% in 2025.

— Brian Evans

The Trump administration quietly expanded its 50% steel and aluminum tariffs to include more than 400 additional product categories, vastly increasing the reach and impact of this arm of its trade agenda.

The new tariffs, which took effect Monday, expand the scope of the levies that President Donald Trump previously announced on the valuable commodities. The tariff list now covers products like fire extinguishers, machinery, construction materials and specialty chemicals that either contain, or are contained in, aluminum or steel.

Economists have warned this could further strain U.S. consumers and the supply chain. For more, read here.

— Erin Doherty

Brazilian stocks were sharply lower on Tuesday, with the iShares MSCI Brazil ETF (EWZ) on pace for its worst day in over a month.

The ETF was last lower by about 2.2%, it's worst day since July 18 when it lost more than 3%.

— Brian Evans, Gina Francolla

These are some of the stocks making the biggest moves in midday trading Tuesday.

• Nvidia, Advanced Micro Devices and Palantir Technologies – Investors took profits in some of this year's high-flying tech stocks. Nvidia shares dropped nearly 3%, while AMD fell close to 5%. Palantir lost 7%.
• Strategy, Robinhood and Mara Holdings – Crypto-linked stocks dipped on Tuesday as bitcoin pulled back more than 2%. Bitcoin proxy Strategy and trading app maker Robinhood fell roughly 6% each. Bitcoin miners Mara Holdings and Riot Platforms lost more than 5% and 2%, respectively.
• UnitedHealth – The health insurance giant slid more than 2% following back-to-back winning days. The stock had seen a recent resurgence after Warren Buffett revealed a stake of 5 million shares in UnitedHealth, valued at about $1.6 billion. On Friday, the stock posted a nearly 12% advance for its best day since 2020.

For the full list, read here.

— Pia Singh

Shares of Viking Therapeutics plunged more than 42% on Tuesday after the company released midstage trial data on its obesity pill that failed to impress investors.

Viking's market cap now sits at about $2.7 billion, down from more than $4 billion on Monday.

Viking's trial data results could be a blow to the company, which was once seen as a hot M&A target as pharmaceutical companies scramble to join the booming market for obesity and diabetes drugs. It could reinforce the dominance of Eli Lilly and Novo Nordisk in the space, especially as they develop pills for weight loss that could enter the market years ahead of the tablet formulation of Viking's drug, VK2735. 

For more, read here.

— Annika Kim Constantino

The Dow Industrials rose more than 100 points on Tuesday morning, touching a fresh all-time high of 45,207.39. 

This latest advance took out the 30-stock index's prior high from Friday. Investors will watch to see whether the Dow is able to end the session above its record closing level of 45,014.04 from Dec. 4, 2024.

Home Depot helped lift the blue-chip average to its latest record, with shares rising about 4% as the home improvement retailer maintained its full-year guidance. Home Depot said it sees full-year total sales growing by 2.8% and comparable sales rising around 1%. Fiscal second quarter results on the top and bottom lines fell short of Wall Street's expectations, however.

—Darla Mercado, Nick Wells

Nvidia is developing a new chip for China that's set to be more powerful than the H20 model it's currently allowed to sell there, according to a Reuters report that cited two people briefed on the matter.

The chip stock was slightly higher in premarket trading, up 0.1%.

— Sarah Min

Shortly after 9:30 a.m. ET on Tuesday, the S&P 500 was less than 0.1% lower, while the tech-heavy Nasdaq Composite shed about 0.2%. The Dow Jones Industrial Average gained 87 points, or 0.2%.

— Pia Singh

Some stocks are making big moves in the premarket on Tuesday:

• Intel – Shares of the chipmaker jumped around 6% after it was announced that SoftBank will make a roughly $2 billion investment in the company, paying $23 per share for Intel's common stock. This comes as the U.S. government reportedly has been considering taking a stake in Intel.
• Palo Alto Networks – The cybersecurity stock gained more than 6% after the company's fiscal fourth-quarter results topped Wall Street's expectations. Palo Alto also posted better-than-expected first-quarter and full-year guidance and announced that its founder and chief technology officer, Nir Zuk, is retiring. The results lifted shares of other names in the space, with CrowdStrike, Zscaler and Fortinet all up around 1%.
• Fabrinet – The stock dropped nearly 10%, even as its fiscal fourth-quarter results topped expectations. Its adjusted earnings of $2.65 per share just barely beat the $2.64 per share that analysts polled by FactSet were expecting. Its revenue of $909.7 million topped the consensus estimate of $883.1 million. Additionally, the company announced upbeat earnings and revenue guidance for the first quarter. Fabrinet's stock has climbed nearly 49% year to date.

Read here for the full list of stocks.

— Sean Conlon

New construction figures for July brought a mixed bag for the struggling U.S. housing market.

Privately owned starts totaled a seasonally adjusted annual rate of 1.428 million, up 5.2% from the upwardly revised June figure and well above the Dow Jones consensus estimate for 1.29 million, according to Commerce Department figures Tuesday.

For building permits, though, the total of 1.354 million was 2.8% off the June pace and less than the 1.39 million estimate.

Housing completions totaled 1.415 million, a 6% increase from the prior month. Units under construction were little changed monthly at 1.36 million though down 12.4% from a year ago.

—Jeff Cox

Treasury Secretary Scott Bessent told CNBC's "Squawk Box" on Tuesday he will begin interviewing candidates for Federal Reserve chair as soon as the White House whittles down what has suddenly become a crowded field.

"In terms of the interview process, we've announced 11 very strong candidates. I'm going to be meeting with them probably right after, Labor Day, and to start bringing down the list to present to President Trump," he said. "It's an incredible group."

— Jeff Cox

Home improvement retailer and Dow component Home Depot reported disappointing results earlier this morning. Second quarter earnings per share missed estimates by 3 cents, while revenues were slightly short of Wall Street's expectations. It was the first time since May 2014 that Home Depot simultaneously missed earnings and revenue estimates in the same quarter, according to data from LSEG.

It was also the retailer's second consecutive profit miss - something that hadn't happened since February 2008.

On the sales front, same-store sales rose 1.0%. That's just the second positive comps figure in eleven quarters. But that tepid growth came with a big caveat — a much lower bar for sales. Home Depot saw a 3.3% same-store sales drop in the year-ago quarter after a 2.0% contraction in the same quarter from 2 years ago.

Despite the disappointing second quarter performance, the company backed its entire full-year outlook — a forecast it first gave in February and then affirmed in May. The reaffirmation of Home Depot's sales, profit and margin projections is particularly noteworthy since that seems to imply the home improvement giant is betting on better results in the second half of this year after two straight profit misses in the first half.

— Robert Hum

Shares of broadcasters Nexstar and Tegna rallied in premarket trading following Tuesday's announcement of an acquisition deal.

Nextstar agreed to acquire Tegna, a smaller competitor, for $3.54 billion. With the offer of $22 per share, Tegna investors will see about 9% upside over Monday's closing level.

Shares of Nexstar climbed more than 8% before the bell, while Tegna shares popped around 5%.

— Alex Harring, Reuters

Evercore ISI upgraded construction equipment company Caterpillar to outperform from in line on Monday. Shares gained 1.8% on the back of the firm's new rating.

The firm also raised its price target on Caterpillar to $476 per share from $373, which calls for more than 15% upside from Monday's $412.64 close, and added the stock to its five favorite stocks.

Analyst David Raso pointed to the company's volume leverage and geographic mix as a bright spot in a difficult construction segment overall, and said the U.S. is where "the end of machine destocking will be the most beneficial." More on this analyst call here in CNBC Pro.

— Pia Singh

Home Depot shares fell nearly 2% in the premarket on weaker-than-expected second-quarter results.

The home improvement giant earned an adjusted $4.68 per share on revenue of $45.28 billion. Analysts polled by LSEG expected a profit of $4.71 per share on revenue of $45.36 billion.

To be sure, the company maintained its full-year outlook.

— Fred Imbert

European shares were broadly higher on Tuesday morning, after U.S. President Donald Trump promised Ukraine "security guarantees" during talks in Washington on Monday — raising hopes that peace could be secured for Ukraine.

However, European defense shares moved lower on the back of the news, with the Stoxx Europe Aerospace and Defense index shedding 2.2% by 5:30 a.m. ET.

German tank parts manufacturer Renk was 7% lower, taking it to the bottom of the pan-European Stoxx 600 index. Italy's Leonardo, which was down 6.9%; Germany's Hensoldt, down 6.3%; and Sweden's Saab, which lost 5.9%, were among the worst performers in the sector.

— Chloe Taylor

Japanese conglomerate SoftBank will invest $2 billion into Intel, according to an announcement from the two companies.

SoftBank will pay $23 per share of Intel's common stock. The chipmaker's shares ended Monday's regular session at $23.66. Intel jumped more than 5% in extended trading.

Intel largely sat out last year's artificial intelligence boom among tech's heavy hitters, with shares dropping 60% in 2024. While the stock is up 18% in 2025, it still lags the VanEck Semiconductor ETF's (SMH) nearly 23% advance.

Read more about SoftBank's investment in Intel from CNBC's Kif Leswing here.

—Darla Mercado

Meta Platforms, which dropped 2.3% on Monday, has seen the largest increase in short interest of any U.S. stock this year, according to S3 Partners, which specializes in tracking the activity of short sellers, who try and profit from a decline in a company's stock price.

Meta's notional short interest has soared 75%, or $11 billion, so far in 2025, S3 said in a note Monday. The amount of Meta's shares sold short as a percentage of the total outstanding has jumped 38% in recent weeks, and 35% so far in 2025, the researcher said.

The second-largest increase in year-to-date notional short interest was in Palantir, which rose $2.8 billion, S3 said.

"META's 30% YTD stock price gain accounts for roughly half of the rise in short interest notional, with the remainder driven by new shorts. Reasons for shorting META include Heavy AI and Metaverse spending, Trade/Tariff Risks, Growth Slowdown, Higher Valuation and Weakening Ad Market," S3 said.

— Scott Schnipper

Shares of Palo Alto Networks jumped more than 5% in extended trading after the chipmaker's quarterly results topped Wall Street estimates and issued better-than-expected guidance for the first quarter and full year.

The results come weeks after Palo Alto announced plans to buy Israeli identity security provider CyberArk for $25 billion, its heftiest deal ever.

Palo Alto also said its founder and Chief Technology Officer Nir Zuk is retiring.

— Yun Li