Wall Street opens mixed, tech stocks suffer widespread losses

Wall Street trading began on a mixed note Tuesday, with the Dow Jones Industrial Average showing a modest gain while the S&P 500 and the tech-heavy Nasdaq index retreated. The Dow Jones Industrial Average added 83 points to reach 53,139 shortly after the opening bell. The S&P 500 fell 0.18% to 7,523, and the Nasdaq decreased by 0.71% to 25,936. The market saw an intraday record for the Dow Jones above 53,000 points, but this was overshadowed by widespread losses in the technology sector, a stark contrast to the previous day's positive performance. Companies like Micron, Marvell Technology, Intel, Teradyne, and Sandisk experienced significant drops, with losses ranging from 6.60% to 9.35%. The recent downturn in tech stocks is attributed to growing doubts about the sustainability of the artificial intelligence boom. Adding to the day's activity, aerospace company SpaceX joined the Nasdaq-100 index just 15 days after its IPO. Despite its valuation exceeding $2 trillion, SpaceX shares dipped 4.8% to $152.65 in early trading. Meanwhile, electric vehicle manufacturer Rivian Automotive saw its stock fall over 13% following an announcement of a capital raise totaling approximately $1.5 billion. Investors shifted towards more stable firms like Eli Lilly, Walmart, and JP Morgan Chase, which saw gains between 1% and 2%. In other markets, gold prices advanced 0.32% to $4,181 per ounce, while silver declined 0.39% to $62.09 per ounce.