The US equities closed with deep losses yesterday. The major averages added to the notable losses posted during Monday's session, testing their lowest closing levels in a month. The Dow lost 498.50 points or 1.1 percent to 46,091.74 as a drop from record highs extended. The Nasdaq tumbled 275.23 points or 1.2 percent to 22,432.85 and the S&P 500 slid 55.09 points or 0.8 percent to 6,617.32.
Weakness among technology stocks continued to weigh on Wall Street amid an extended decline by market leader and AI darling Nvidia (NVDA). Shares of Nvidia melted 2.8 percent after slumping by 1.8 percent on Monday as investors eyed the release of the chipmaker's quarterly results after the close of trading on Wednesday. Nvidia has lost more than 10% this month.
Meanwhile, the US government has noted that it is scrapping tariffs on coffee, tea, tropical fruits, nuts, spices and several other commodities. The White House administration released a revised list - Annexure II - of goods exempted from country-specific reciprocal tariffs imposed in August this year. The order, which became effective from November 13, comes amid mounting pressure on Trump administration to combat rising consumer prices.
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