Nasdaq Extends Decline to 1.6%; Tesla Sinks 6%; Nvidia, Amazon, Meta Fall 3%
Wall street slid on Tuesday ahead of the Federal Reserve's upcoming meeting that will be closely monitored for commentary from the central bank on the potential economic ramifications of ongoing tariff disputes.
The central bank's two-day rate-setting meeting starts later in the day, and is set to conclude on Wednesday. Markets anticipate it will maintain the status quo on interest rates, according to data compiled by LSEG.
Nasdaq fell 1.59% lower; S&P fell 0.93%.
Tesla stock was down 6%. The drop Tuesday came after RBC analyst Tom Narayan cut his Tesla stock price target to $320 from $440. He kept his buy rating. "Much of the attention around Tesla has centered on its recent delivery performance in Jan. and Feb. in Europe and China," wrote Narayan.
Nvidia was down 3.15% on Tuesday. The big event Tuesday is a keynote address from CEO Jensen Huang, which begins at 1 p.m. Eastern time. Huang likely will announce a wide-ranging set of partnerships and products that showcase how the company's semiconductors are enabling the latest wave of AI innovations.
Most of big techs slid on Tuesday. Amazon fell 2.9%; Meta fell 3%.
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