By DAMIAN J. TROISE, Associated Press Business Writer
NEW YORK (AP) — Stocks fell in morning trading on Wall Street Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year.
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The majority of stocks within the S&P 500 fell and the biggest weights were technology companies.
Palantir Technologies, which had more than doubled so far this year, fell 8% despite reporting results that beat analysts’ forecasts.
Nvidia also reversed course, falling 1.7%, while Microsoft fell 0.7%. Their pricey stock values lend more weight to the broader market’s direction.
Earnings and company forecasts remain the big focus for Wall Street amid a lack of any other economic updates as the U.S. government remains shut down.
Animal health care company Zoetis plunged 13% after cutting its sales forecast for the year. Norwegian Cruise Line slid 11% after giving Wall Street a mixed earnings report and forecast.
Outside of earnings, Tesla fell 2.7% after Norway’s sovereign wealth fund, one of the electric car maker’s biggest investors, said Tuesday that it will vote against a proposed compensation package that could pay CEO Elon Musk as much as $1 trillion over a decade.
There will be more than a dozen company proposals up for a vote Thursday during Tesla’s annual meeting, but none have generated more division than Musk’s potentially massive pay package.
European markets were lower and Asian markets fell overnight.
Treasury yields edged lower in the bond market. The yield on the 10-year Treasury edged down to 4.09% from 4.10% late Monday.
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