Shares of technology companies fell as the red-hot artificial-intelligence niche cooled off a little.
Nvidia fell by roughly 4%. International Business Machines, one of the AI pioneers, rose ahead of its earnings report.
Tesla shares rallied after the electric-car maker posted unexpected growth in third-quarter profit. Minor missteps such as an underwhelming launch of Tesla's long-awaited robo-taxi have caused significant losses in Elon Musk's company's shares because rich valuations compared with other auto makers mean Tesla faces higher expectations, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
Apple shares fell after a noted analyst reported that the consumer electronics giant has cut orders for its iPhone 16 smartphones.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-23-24 1757ET
