The S&P 500 slipped 0.1 per cent after hitting another all-time high a day earlier.

Wall Street's record-breaking rally slowed on Tuesday as shares of Alphabet fell sharply after the Google parent announced plans to raise fresh capital to fund its growing investments in artificial intelligence. The S&P 500 slipped 0.1 per cent after hitting another all-time high a day earlier. The Dow Jones Industrial Average rose 65 points, or 0.1 per cent, while the Nasdaq Composite fell 0.3 per cent in early trade, AP reported. The latest pullback comes after the S&P 500 completed nine consecutive weeks of gains, its longest winning streak since 2023. The rally has been driven by strong corporate earnings and hopes that the United States and Iran could reach an agreement to reopen the Strait of Hormuz, easing pressure on global oil supplies. Alphabet was the biggest drag on the market, falling 4 per cent after announcing plans to raise $80 billion through a stock sale. The company said part of the proceeds would be used to fund its expanding artificial intelligence ambitions. The technology giant expects to spend as much as $190 billion on equipment and other investments this year, with spending forecast to rise further next year. The announcement has renewed questions about whether massive AI investments will generate sufficient profits and productivity gains to justify the spending, amid continuing debate over a potential AI bubble. However, companies benefiting directly from AI-related demand continued to attract investor interest. Hewlett Packard Enterprise surged 31.5 per cent after reporting quarterly profit that exceeded analysts' expectations. The company attributed the performance to strong demand from customers building AI capabilities. Generac rose 7.7 per cent after announcing a deal with an unnamed "leading hyperscale data center operator" to supply backup power generators. Chipmaker Broadcom also gained 4.8 per cent, extending the rally in semiconductor stocks linked to the AI boom. In the commodities market, oil prices eased after Monday's sharp gains. Brent crude, the global benchmark, slipped 0.3 per cent to USD 94.71 per barrel, though it remains significantly above the roughly USD 70 level seen before the conflict in the Middle East. Bond markets were relatively stable ahead of fresh US labour market data. Economists expect the report to show employers advertised slightly fewer job openings at the end of April compared with the previous month. The yield on the benchmark 10-year US Treasury note edged down to 4.45 per cent from 4.47 per cent on Monday. Across global markets, trading was mixed. Hong Kong's Hang Seng Index jumped 2.5 per cent, marking one of the strongest gains among major markets on Tuesday End of Article

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On June 9, 2026, the tech-heavy Nasdaq Composite plunged 2.17%, losing more than 560 points as AI and semiconductor stocks extended their sell-off.