S&P 500 cuts earlier losses Tuesday as tech rebounds: Live updates

The S&P 500 trimmed an earlier decline Tuesday, boosted by tech shares, as Wall Street looked to regain its footing after a tough start to 2024.

The broad market index was down 0.2%. At its lows of the day, the benchmark had lost 0.7%. The Dow Jones Industrial Average traded 231 points lower, or 0.6%, after being down as much as 309.71 points. The Nasdaq Composite recovered from a 0.9% slide and was last up 0.1%.

Nvidia traded more than 2% higher, reaching a fresh all-time high. Amazon was also up more than 1% along with Alphabet. Shares of Juniper Networks also popped more than 21% on Tuesday after a Wall Street Journal report said Hewlett Packard Enterprise could announce a deal to acquire the networking hardware company for about $13 billion as soon as this week.

Tech, the big outperformer for 2023, struggled out of the gate in 2024, putting pressure on the broader market. Year to date thus far, the space is down more than 1%.

“We’re moving away from away from Big Tech, and we’re going into deeper parts of the market that had but actually unloved. … For example, we’re seeing more buyers interested in health care,” said LPL Financial chief global strategist Quincy Krosby. Health care was one of the only S&P 500 sectors to trade higher Tuesday. For 2024, it’s up 3% — making it the best performer.

Those moves come after a strong trading session for equities. The S&P 500 and the Nasdaq Composite on Monday rallied as mega-cap tech stocks bounced from last week’s declines.

Later this week, investors will parse through a pair of key inflation readings to gain clarity into the path forward for rate cuts from the Federal Reserve. The December consumer price index is set for release Thursday, followed by the producer price index on Friday.

Companies reporting earnings this week include Taiwan Semiconductor Manufacturing Company and Infosys on Thursday, as well as JPMorgan Chase, UnitedHealth, Bank of America and Delta Air Lines on Friday, among other financial heavyweights.