Tech Stocks Drop, Palantir Plunges Over 8%: What's Moving Markets Tuesday?

Tech stocks experienced a decline on Tuesday, with the Nasdaq 100 down 1.4% and Palantir Technologies plunging over 8%. Investors took profits following a recent rally, while the S&P 500 and Russell 2000 also fell. The market's focus shifted to upcoming comments from Federal Reserve Chair Jerome Powell. In commodities, crude oil and gold prices dropped, and cryptocurrencies lost approximately $110 billion in market capitalization. Notable stock movements included Intel rising 7% after a major investment and Viking Therapeutics plummeting 41% due to trial results.

Tech stocks pulled back on Tuesday as the absence of fresh bullish catalysts prompted investors to take profits after the recent months-long rally.

IBIT ETF is breaking below key price support. Check live prices here.

By 1 p.m. ET, the Nasdaq 100 was down 1.4%, on track for its worst session in over two weeks. Palantir Technologies Inc. PLTR led the declines, sliding by over 8% after doubling in value year-to-date.

The S&P 500 slipped 0.5%, the Russell 2000 dropped 0.9%, while the Dow Jones Industrial Average held steady near 44,900.

The retreat came as peace talks between President Donald Trump, Ukrainian President Volodymyr Zelenskyy and European leaders failed to deliver a breakthrough. Investors are now turning their focus to Federal Reserve Chair Jerome Powell's speech later this week for clearer signals on interest rates.

Losses were concentrated in technology, while sectors such as real estate and consumer staples posted gains.

In currencies, the U.S. dollar edged up 0.1%, with the dollar index holding near 98, even as Treasury yields moved lower. The 10-year yield slipped three basis points to 4.30%.

Commodities weakened across the board: crude oil fell 1.2% to $61.80 a barrel, gold declined 0.5% to $3,315 an ounce and silver tumbled 1.8% to $37.30.

Cryptocurrencies bore the brunt of the risk-off mood, wiping out roughly $110 billion in total market capitalization.

Bitcoin BTC/USD dropped 2.6% to $113,000, breaking below its 50-day moving average. Solana SOL/USD lost 3.7%, Ethereum ETH/USD sank 4.5%, and Cardano ADA/USD plunged 6.5%.

Disclosure: 82% of retail CFD accounts lose money

Tuesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

The Vanguard S&P 500 ETF VOO edged 0.7% lower to $587.41.
The SPDR Dow Jones Industrial Average DIA steadied at $449.04.
The tech-heavy Invesco QQQ Trust Series QQQ plunged 1.4% to $569.10.
The iShares Russell 2000 ETF IWM fell 0.8% to $226.09
The Real Estate Select Sector SPDR Fund XLRE outperformed, up 1.3%; the Technology Select Sector SPDR Fund XLK lagged, down 1

Stocks On The Move Tuesday

Intel Corp. INTC rallied 7%, extending its monthly gains to 27%, after Japan's SoftBank Group announced a $2 billion investment in the chipmaker.
Palo Alto Networks Inc. PANW jumped 3.7% after posting a double beat on its latest quarterly results.
Earnings-driven movers included Home Depot Inc. HD, up 3.1%, Medtronic plc MDT, down 3.1%, and XPeng Inc. XPEV, up 4%.
Viking Therapeutics Inc. VKTX plunged 41% after a mid-stage trial of its weight-loss pill revealed a high dropout rate.
Looking ahead, earnings after the close are due from Keysight Technologies Inc. KEYS, Alcon Inc. ALC, and Toll Brothers Inc. TOL.

Read Now:

Wall Street Braces For Tech Carnage: ‘Disaster’ QQQ Options Tell The StoryPhoto: Shutterstock