Wall St Ends Lower; Nvidia Falls 2%; HIMS Drops 6%; Oracle up 1.5%; Alibaba Jumps 3%; BMNR up 5%; NIO Rises 8%; Bitfarms up 17%

Wall Street's three main stock indexes ended lower in choppy trading on Tuesday as caution set in ahead of an anticipated interest rate cut from the Federal Reserve.

Investors are largely still pricing in a 25 basis-point cut from the U.S. central bank at the conclusion of its two-day meeting on Wednesday, to offset the deterioration in the U.S. labor market, evidenced by numerous recent economic indicators.

Market Snapshot

The Dow Jones Industrial Average fell 125.55 points, or 0.27%, to 45,757.90, the S&P 500 lost 8.52 points, or 0.13%, to 6,606.76 and the Nasdaq Composite lost 14.79 points, or 0.07%, to 22,333.96. BigBear.ai Holdings rose 17%, Rivian Automotive, Inc. rose 5%, Gemini Space Station, Inc. fell 14%, Hims & Hers Health Inc. fell 6%.

Market Movers

Oracle rose 1.5%, building on a 3.4% gain Monday. Investors are speculating the software company may be part of a deal between the U.S. and China regarding the Chinese-owned social-media app TikTok. President Donald Trump wrote on his Truth Social platform that "a deal was also reached on a 'certain' company that young people in our Country very much wanted to save," referring to TikTok. It comes on the back of strong momentum for Oracle stock, following a blowout earnings report last week that sent shares up 36%.

Tesla was up 2.8%. Shares of the electric-vehicle maker rose 3.6% on Monday following the disclosure that CEO Elon Musk purchased $1 billion of shares, his first purchases of Tesla stock in the open market since February 2020. On Tuesday, the National Highway Traffic Safety Administration said it was opening an investigation into Tesla, citing instances where vehicle door handles stopped working and trapped children inside.

Alphabet dropped 0.2%. Shares of the Google parent ended Monday's session up 4.5% at $251.61, a record closing high. The gains helped Alphabet notch a market capitalization above $3 trillion for the first time. Alphabet joined Apple, Nvidia, and Microsoft as the fourth company on record to ever close above the milestone.

The move in the stock came after Google's AI chatbot, Gemini, reached the top spot in the U.S. App store over the weekend. Shares have rallied since a judge handed Google a limited set of remedies to mitigate its dominance in internet search earlier this month.

Shares of NVIDIA, the leading maker of artificial-intelligence chips, declined 1.6%. The stock closed down slightly at $177.75 on Monday after China's market regulator said a preliminary investigation found Nvidia had violated antimonopoly laws. It has surged 31% this year.

Crypto stocks jumped, Bitfarms Ltd. rose 17%, American Bitcoin rose 9%, MARA Holdings rose 8%, BitMine Immersion Technologies Inc. rose 5%, Strategy rose 2%.

Chinese ETFs and ADRs jumped, NIO Inc. and Baidu rose 8%, Alibaba and JD.com rose 3%, PDD Holdings Inc rose 1%.

Dave & Buster's Entertainment, the arcade-restaurant operator, sank 17% after second-quarter adjusted earnings widely missed analysts' estimates. Revenue of $557.4 million also missed forecasts and comparable sales declined 3% versus projections for a decline of 2.2%.

Chipotle Mexican Grill rose 1.9% after its board authorized a $500 million stock buyback, bringing its total share repurchase authorization to about $750 million as of Sept. 15, the restaurant chain said. Like many of its peers, Chipotle has seen its stock fall by double digits this year amid cautious consumer spending and higher costs.

Market News

U.S. Tech Giants Pledge Over $40 Billion in U.K. Investments Ahead of Trump Visit

Major American tech companies said they would spend more than $40 billion to expand artificial-intelligence infrastructure in the U.K., a boost for the island nation as it prepares to welcome President Trump for a state visit.

Microsoft said Tuesday that it would pour $30 billion into AI infrastructure and existing operations in the U.K. through 2028, its largest financial commitment in the country. Microsoft’s pledge comes hours after Alphabet-unit Google said it would spend about $6.8 billion in AI, research and development and related engineering in the U.K. over the next two years.

Among other investments, AI cloud-computing company CoreWeave plans to spend 1.5 billion pounds ($2.04 billion) in AI data-center capacity and operations in the U.K. Salesforce announced an additional $2 billion investment in its U.K. business through 2030, while BlackRock is pouring 500 million pounds into data centers across the country.

Rivian Is Building a Georgia Factory in the Face of an EV Slump

Rivian Automotive, Inc. is doubling down on electric vehicles just as federal policy is pulling the auto industry back from making them.

The EV maker broke ground Tuesday on a factory that represents a fundamental shift for the manufacturer of upscale pickups and sport-utility vehicles. The new assembly plant, about 45 miles east of Atlanta, will be the automaker’s second and is set to begin production in 2028.