A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City.
Angela Weiss | AFP | Getty Images
US stock futures fell on Tuesday, putting Wall Street on track to build on the previous session's decline.
Linked futures contracts Dow Jones Industrial Average It fell 50 points, or 0.1%. Standard & Poor's 500 futures It decreased by 0.2%, while Nasdaq-100 futures It decreased by about 0.5%.
AMD Shares traded down 2% after Bloomberg News reported that the chipmaker faced a regulatory hurdle that will prevent it from selling an artificial intelligence chip to China. apple Its shares fell 2% on the back of a report from Counterpoint Research that found that iPhone sales fell in China in the first six weeks of 2024.
getlab It fell more than 20% after the software company posted a weak full-year outlook. On the other side, Goal The company's stock jumped more than 7% after first-quarter holiday earnings were better than Wall Street expected.
The moves come on the heels of a losing day on Wall Street on Monday, which led to a tech-heavy pullout Nasdaq Composite Outside of the record highs even with his high flying AI wins Nvidia advanced.
Overall, large-cap technology companies are still the best way to play the AI trend, Jason Draho, head of asset allocation at UBS Americas Global Wealth Management, told CNBC.
“They're still the ones who have the scope to make some kind of benefit,” he said on CNBC's “Closing Bell: Overtime” on Monday. “Their valuations are extreme but they are also growing incredibly quickly.”
Draho said that although there are fears of 1996-style “pent-up exuberance” in the market, he believes there is still more upside potential ahead.
On the data front, the S&P Global Services PMI, Durable Goods Orders and ISM Services Index are scheduled for release on Tuesday morning.
