US stocks fall further from their records

U.S. stock markets retreated further from record highs on Tuesday, with the S&P 500 dropping 0.5% and the Dow Jones Industrial Average declining by 397 points (0.8%) as of 9:35 a.m. Eastern time. The Nasdaq composite also fell 0.6%, marking a third dip after setting recent all-time highs. The decline followed mixed global market movements, with South Korea’s Kospi down 3.3% due to falling tech stocks, while Germany’s DAX rose 1%. Tech stocks, which had surged on artificial-intelligence excitement, showed signs of slowing, adding to broader market uncertainty. Concerns linger over the Iran war’s impact on oil shipping through the Strait of Hormuz and whether rising bond yields could slow economies. Investors are now watching Nvidia’s quarterly earnings report, set for Wednesday, as its performance could influence tech stocks and the broader market. Nvidia’s stock slipped 0.7% amid anticipation. Akamai Technologies fell 3.9% after announcing a $2.6 billion convertible note offering, while Home Depot dropped 2.2% despite beating quarterly profit expectations. Revenue growth at stores open over a year lagged some analyst forecasts, though CEO Ted Decker noted steady customer demand despite economic pressures. Many major U.S. companies have reported stronger-than-expected profits, even with high gasoline prices and other challenges. In the bond market, the 10-year Treasury yield rose to 4.66% from 4.61% late Monday, up from below 4% before the Iran war began. Oil prices eased slightly, with Brent crude falling 0.7% to $111.39 per barrel, though prices remain above $100 amid the unofficial U.S. driving season. Gasoline prices climbed to $4.53 per gallon, about 43% higher than last year at this time.