US Stock Market Today: Wall Street slips as rate cut hopes dim, Nvidia slides 2.6%, Amazon sheds 2.3%

Wall Street's primary indices commenced trading lower on Tuesday, as investor sentiment was dampened by persistent concerns over elevated equity valuations and the diminishing prospect of an interest rate reduction by the Federal Reserve in December.

Market participants are now focusing on the release of key government economic data and the upcoming earnings report from Nvidia, both due later this week.

As of 12:01 PM Eastern Time, the S&P 500 dropped 0.7%, the Dow Jones Industrial Average was down 1%, and the Nasdaq Composite was 1% lower.

As of 9:35 AM Eastern Time, the S&P 500 dipped 0.4%, the Dow Jones Industrial Average was down 0.8%, and the Nasdaq Composite was 0.6% lower.

On the economic data front, figures released by the Labour Department on Tuesday indicated that the number of Americans claiming jobless benefits reached a two-month high in mid-October for the week concluding 18 October.

Key Stock Movers

Technology shares continued sharp decline in trading. Amazon.com saw its stock price fall by 2.3%, whilst Microsoft was down 1.7%.

Shares in chip manufacturers were also significantly lower. Advanced Micro Devices and Intel slipped by 4.2% and 2.2% respectively. The AI chip behemoth, Nvidia, saw its shares lose 2.6%. Palantir Technologies stock also recorded a modest drop of 0.4%.

Consumer retail stocks suffered losses, with Home Depot shares declining by 3.3% after the company projected a larger-than-expected fall in its full-year profit. Rival retailer Lowe's slid by 1.3%.

Bullion Market

Gold prices rose on Tuesday, supported by a weaker US dollar and soft US employment numbers.

As of 10:15 AM ET (1515 GMT), spot gold edged up 0.4% at $4,059.39 per ounce. US gold futures for December delivery fell 0.4% to $4,059.20 per ounce.

In other metals, spot silver gained 0.4% to $50.4 per ounce, platinum fell nearly 1% at $1,518.15, and palladium lost 0.6% at $1,385.18.

Crude Oil

Oil prices remained steady on Tuesday as investors sought to balance the effects of an emerging market surplus against the disruption of certain crude flows caused by US sanctions imposed on Russia.

Brent crude was trading close to $64 a barrel, following a slight decline during the previous session's close.

Benchmark futures have been trending downwards this year, with the outlook being weighed down by expectations of a market glut. The International Energy Agency (IEA) has predicted a record surplus for the oil market in 2026.