US open: Stocks mixed as Nvidia slides, Alphabet gains on chip report

(Sharecast News) - Wall Street trading got off to a mixed start on Tuesday, as a number of big-name tech firms remained in focus. As of 1445 GMT, the Dow Jones Industrial Average was up 0.21% at 46,545.74, while the S&P 500 shed 0.37% to 6,680.47 and the Nasdaq Composite came out of the gate 0.96% softer at 22,652.40.

The Dow opened 97.47 points higher on Tuesday, extending solid gains recorded in the previous session as major indices rose for the second straight day, on the back of a decent rebound in the AI sector that helped to repair some of the damage done by the recent tech-fuelled sell-off.

Nvidia shares fell more than 5% early on Tuesday after a report suggested Meta Platforms was weighing a multibillion‑dollar investment in Alphabet's AI chips. The Information said Meta was considering shifting spending towards Google's technology, sparking concerns over demand for Nvidia's products. Alphabet shares rose more than 2% on the news.

Tuesday's early moves come as equities attempt a modest recovery from last week's heavy sell‑off, though all three major indices were still on track for a losing month as AI‑linked stocks, which have driven much of this year's advance, were under increased scrutiny as traders weigh the prospects of a year‑end rally.

Elsewhere in the corporate space, Dick's Sporting Goods posted third‑quarter earnings that missed expectations, reporting GAAP earnings per diluted share of $2.07 against forecasts of $2.71, as it said it planned to close a number of Foot Locker stores following the completion of its acquisition.

Best Buy delivered better‑than‑expected quarterly results and raised its full‑year outlook, citing strong sales across computing, gaming and mobile phones.

Kohl's shares surged after the department store chain reported earnings and revenue ahead of Wall Street estimates.

Dell Technologies, HP and Urban Outfitters were all slated to publish their latest quarterly earnings reports after the close.

On the macro front, US wholesale inflation picked up in September as higher energy and food costs offset more modest advances elsewhere, data from the Bureau of Labor Statistics showed on Tuesday. The producer price index rose 0.3% month‑on‑month after easing in August, in line with economists' forecasts. Excluding food and energy, the PPI increased by less than expected and was up 2.6% year‑on‑year - the smallest annual gain since July 2024. The release, originally scheduled for 16 October, had been delayed by the government shutdown. No date was given for the October PPI.

On another note, US retail sales rose just 0.2% in September, the weakest monthly increase in four months and below forecasts for a 0.4% gain, according to the Census Bureau. Retail and food services sales climbed to $733.3bn, following a 0.6% rise in August. The slowdown reflected mixed performances across categories, with sales strongest at miscellaneous store retailers, up 2.9%, and at gasoline stations, which rose 2%. By contrast, sales fell at sporting goods, hobby, musical instrument and book stores, down 2.5%.

Moving on, US home prices rose slightly in September, according to the latest S&P CoreLogic Case‑Shiller data. The 20‑city composite index increased 0.1% month‑on‑month on a seasonally adjusted basis, easing from a 0.2% gain in August. On a non‑adjusted basis, prices fell 0.5%, compared with a 0.6% decline the previous month. Year‑on‑year, the index was up 1.4%, in line with consensus expectations but slower than the 1.6% annual rise recorded in August.

Still to come, August business inventories, October pending home sales will be published at 1500 GMT, as will November consumer confidence figures and Richmond Fed manufacturing index.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Cisco Systems Inc. (CSCO) $76.92 0.89% Amgen Inc. (AMGN) $337.18 0.86% Apple Inc. (AAPL) $278.28 0.86%

Dow Jones - Fallers

Intel Corp. (INTC) $35.54 -0.70% Microsoft Corp. (MSFT) $471.35 -0.56%

S&P 500 - Risers

Applied Materials Inc. (AMAT) $238.16 3.14% American Airlines Group (AAL) $13.40 2.25% United Airlines Holdings Inc (UAL) $97.57 2.04% TripAdvisor Inc. (TRIP) $14.99 1.59% J.B. Hunt Transport Services Inc. (JBHT) $169.30 1.59% Alphabet Inc. Class C (GOOG) $323.38 1.54% Align Technology Inc. (ALGN) $145.75 1.48% Expedia Group Inc. (EXPE) $252.74 1.44% Alphabet Inc. Class A (GOOGL) $323.17 1.44% Zions Bancorporation (ZION) $52.63 1.44%

S&P 500 - Fallers

Advanced Micro Devices Inc. (AMD) $197.87 -7.99% Nvidia Corp. (NVDA) $173.71 -4.84% Analog Devices Inc. (ADI) $234.47 -2.06% Apache Corp. (APA) $23.94 -1.93% Micron Technology Inc. (MU) $220.04 -1.74% Netflix Inc. (NFLX) $105.49 -1.38% Microchip Technology Inc. (MCHP) $50.65 -1.16% Texas Instruments Inc (TXN) $159.67 -0.99% Intuitive Surgical Inc. (ISRG) $563.10 -0.95% Diamondback Energy Inc. (FANG) $146.57 -0.72%

Nasdaq 100 - Risers

Qvc Group Inc Series A (QVCGA) $8.47 4.87% Applied Materials Inc. (AMAT) $238.16 3.14% Vodafone Group Plc ADS (VOD) $12.13 2.54% American Airlines Group (AAL) $13.40 2.25% J.B. Hunt Transport Services Inc. (JBHT) $169.30 1.59% Alphabet Inc. Class C (GOOG) $323.38 1.54% Align Technology Inc. (ALGN) $145.75 1.48% Expedia Group Inc. (EXPE) $252.74 1.44% Alphabet Inc. Class A (GOOGL) $323.17 1.44% Paypal Holdings Inc (PYPL) $61.41 1.40%

Nasdaq 100 - Fallers

Nvidia Corp. (NVDA) $173.71 -4.84% Analog Devices Inc. (ADI) $234.47 -2.06% Micron Technology Inc. (MU) $220.04 -1.74% Netflix Inc. (NFLX) $105.49 -1.38% Microchip Technology Inc. (MCHP) $50.65 -1.16% Texas Instruments Inc (TXN) $159.67 -0.99% Tesla Inc (TSLA) $413.68 -0.98% Intuitive Surgical Inc. (ISRG) $563.10 -0.95% Intel Corp. (INTC) $35.54 -0.70% QUALCOMM Inc. (QCOM) $164.00 -0.64%