Stocks moved sharply lower Tuesday morning as the U.S. equities market hit the pause button on a nascent recovery from a month-long selloff.
The Dow Jones Industrial Average and S&P 500 were recently down 0.5% and 1%, respectively, while the Nasdaq Composite slid 1.8%. The major indexes gained ground Monday for the second consecutive session, rebounding from a rout that sent the S&P 500 into correction last week for the first time since 2023.
Coming into this week, the S&P 500 and Nasdaq Composite had lost ground for four consecutive weeks, as investor sentiment has been bruised by uncertainty surrounding the potential impact of tariffs and concerns that the U.S. economy could be headed toward a recession.
The big event on the economic front this week is the two-day meeting of the Federal Reserve’s policy-setting committee, which is scheduled to start today. While no change in interest rates is expected, market participants will closely scrutinize Fed Chair Jerome Powell’s post-meeting remarks on Wednesday as well as the quarterly economic projections from committee members that are set to be released.
On the corporate front, chipmaker Nvidia (NVDA) is hosting its GTC Conference this week, considered to be the marquee AI event of the year. Nvidia CEO Jensen Huang is slated to deliver the keynote address at the event today, a presentation that investors hope will serve as a catalyst for the stock. Nvidia shares were down 3% this morning after falling nearly 2% yesterday.
Other mega-cap technology stocks were also under pressure this morning. Shares of Tesla (TSLA) fell 6%, extending a slump that has erased more than half of the EV maker’s market value over the past three months. Alphabet (GOOG) was down 4% after announcing a $32 billion deal to acquire cloud security provider Wiz. Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also lost ground, while Apple (AAPL) inched higher.
Among other noteworthy tech movers, data analytics software provider Palantir (PLTR) and marketing platform AppLovin (APP), two AI investor darlings that have been hit hard during the recent slump, fell 5% and 7%, respectively.
Shares of Intel (INTC) were up 2% as the embattled chipmaker’s newly appointed CEO Lip-Bu Tan was set to start in the role today. Through Monday’s close, the stock had gained about 25% since news of Tan’s appointment was released last Wednesday.
Strategy (MSTR), formerly known as MicroStrategy and the world’s largest corporate holder of bitcoin, was down 3% as the price of the digital currency fell. Shares of crypto exchange Coinbase Global (COIN) and bitcoin miner MARA Holdings (MARA) each fell about 4%. Bitcoin was trading at $81,700, down from an overnight high of $84,500.
Gold futures were up 1% at $3,035 an ounce this morning, trading near a record high, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.2% to $67.70 per barrel.
The yield on the 10-year Treasury note, which has fallen in recent weeks as investor concerns about the economy have grown, was at 4.32%, up from 4.31% at Monday’s close.
Sarepta Sinks After Company Says Patient Taking Its Drug Dies
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Sarepta Therapeutics (SRPT) reported that a patient with Duchenne muscular dystrophy taking its Elevidys treatment died of acute liver failure (ALF). The company’s stock plunged on the news
The pharmaceutical firm noted that “acute liver injury is a known possible side effect of Elevidys” and other similar gene therapies, although this was the first time a death had been reported of anyone taking the drug.
Sarepta said that the patient had recently suffered from a cytomegalovirus (CMV) infection, “which was identified by the treating physician as a possible contributing factor.”
The company said it continues to gather and analyze information from the incident, and it has been reported to health authorities. Sarepta also plans to update its prescribing information “to appropriately represent this event.”
Investopedia has reached out to the company to see if it may be considering taking any other actions in light of this incident.
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Sarepta shares were down 21% recently and have now lost 35% of their value since the start of the year.
D-Wave Quantum Tumbles, Gives Back Big Monday Gains
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Shares of D-Wave Quantum (QBTS) sank Tuesday morning, giving back the stock’s Monday gains and halting a rally that started when the company said it had made a breakthrough last week.
The company last week said its quantum computer had outperformed a powerful supercomputer in solving complex simulation problems, as its CEO called the moment a “remarkable day for quantum computing.”
That rally had extended through Monday, with the stock gaining another 10% to $11.18, its highest close since August 2022. That momentum has reversed Tuesday, with shares down more than 9% in early trading.
The announcement last week came after months of optimism for the quantum computing industry as tech giants Microsoft (MSFT), Amazon (AMZN), and Alphabet’s (GOOGL) Google have each showcased their own quantum computing chips since December.
Tuesday’s pullback was also affecting other quantum computing stocks, with Rigetti (RGTI) and IonQ (IONQ) each down Tuesday morning.
Nvidia CEO Huang to Speak at GTC Event Today
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Nvidia (NVDA) CEO Jensen Huang is set to give a keynote address at the artificial intelligence chipmaker’s GPU Technology Conference today, with investors keeping an eye out for updates on the company’s latest chips and developments in gaming and robotics.
Huang is scheduled to speak at 1 p.m. ET. at the AI chipmaker’s weeklong conference—which kicked off Monday in San Jose, California.
Artur Widak / NurPhoto / Getty Images
Nvidia is, according to Deutsche Bank analysts, also expected to showcase its Blackwell Ultra GB300 family of chips, which could deliver over 50% more memory capacity and significantly higher performance than the earlier chips. Nvidia could also provide more details on its next generation of chips called Rubin, which is expected to succeed Blackwell semiconductors in 2026, along with its associated Vera CPU, and the Rubin Vera platform.
Nvidia shares were down nearly 3% in early trading. The stock has gained about 31% in the past 12 months but has lost 13% of its value so far in 2025.
Major Indexes Still Down Sharply in March Despite Recent Rally
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Two straight days of gains for major indexes have narrowed losses for major stock indexes though they remain on pace to post steep declines for the month.
Through Monday’s close, the Dow was down 4.6% so far in March, the S&P 500 had shed 4.7% and the tech-heavy Nasdaq had given up 5.5%.
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For 2025, the Dow has trimmed its loss to 1.7%, while the S&P 500 and Nasdaq are down 3.5% and 7.8%, respectively.
