The Nasdaq Composite rose 0.04% to 26,831.94 on Tuesday after Anthropic’s IPO prospectus revealed plans to spend $518 billion on cloud and AI infrastructure.
The Dow Jones Industrial Average was roughly flat, and the S&P 500 held a modest gain.
Several AI-linked names that jumped sharply at the open, including Nvidia, Micron and SanDisk, pared much of those gains within the first 20 minutes of trading, while AMD and Intel moved in the opposite direction, building on modest early gains.
The Dow Jones Industrial Average was roughly flat, down 0.07% to 51,446.51, while the S&P 500 added 0.13% to 7,694.21.
The moves follow Monday’s selloff, when all three major indexes closed lower as oil prices and Treasury yields climbed after President Trump rejected Iran’s proposal to reopen the Strait of Hormuz.
The CBOE Volatility Index eased 1.87% to 15.77 Tuesday, suggesting some of that pressure had cooled.
The Russell 2000 small-cap index rose 0.15%, and the MSCI World index was little changed, up 0.01%.
Chip stocks lead the gains, though early momentum has cooled
Nvidia rose 0.48% to $229.96, down from a 1.35% gain minutes after the opening bell, and Micron Technology’s advance eased to 1.21% at $1,066.70 from an earlier 1.85%.
SanDisk, which had jumped 1.47% shortly after the open, was nearly flat, with a 0.04% gain at $1,713.59.
AMD moved the other way, extending its gain to 0.99% at $613.88 from 0.45% earlier, while Intel turned positive, up 0.18% at $116.24 after trading slightly lower at the open.
Tesla’s decline deepened to 1.36%, at $352.61, from an earlier 0.83% drop, and Apple fell 1.54% to $333.20.
Bloom Energy was the standout gainer, up 9.77% to $288.54.
Meta Platforms extended its gain to 0.87% at $721.88.
Broadcom rose 2.74% to $359.16.
CarMax jumped 6.91%, after publishing strong quarterly results on Monday.
Trump to host AI CEOs at White House
Investors are also watching a Tuesday lunch at the White House, where President Trump is set to meet with a group of leading AI executives, including Meta CEO Mark Zuckerberg, Anthropic CEO Dario Amodei, OpenAI President Greg Brockman, Nvidia CEO Jensen Huang and Google CEO Sundar Pichai.
House Speaker Mike Johnson is also expected to attend.
The meeting is expected to focus on finding a balance between AI innovation and regulatory oversight, Johnson said Monday, as concerns about rogue AI agents and safety incidents have drawn wider public attention in recent weeks.
What’s next for markets
Investors face a busy stretch of economic data this week that could shape the outlook for Federal Reserve policy.
According to Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) from the US Bureau of Labor Statistics (BLS), job openings stood at 7.079 million at the end of August, below analysts’ expectations of 7.23 million.
The core PCE price index, the second-quarter GDP estimate and ADP’s private payrolls report will arrive later in the week.
Friday’s nonfarm payrolls and unemployment figures will offer the clearest read yet on the labor market heading into the Fed’s October meeting, where traders currently price in a more than 72% chance of another rate hike.
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