The S&P 500 fell slightly on Tuesday, posting its third straight loss.
The broad S&P 500 lost 0.14% to close at 6,896.24, while the Nasdaq Composite fell 0.24% to end at 23,419.08. The Dow Jones Industrial Average lost 94.87 points, or 0.20%, and ended at 48,367.06.
The three major averages came off a losing session, led by losses in the technology sector. Nvidia fell more than 1% the previous trading day, and Palantir Technologies, also a player in the artificial intelligence space, fell 2.4%.
That said, those names — and others in the industry like Advanced Micro Devices — continue to be big winners this year. In that period, Nvidia grew by 39%, while Palantir and AMD grew by 140% and 78%, respectively.
Gains in artificial intelligence should continue into the new year, according to US Bank Asset Management’s Bill Northey, who cited building technology and data center fundamentals.
“The clear early adopters of this have been more of the front-end, where semiconductors and major building materials are concerned,” he said. “We believe that as we move toward 2026, actually more users of AI applications will start to see some of those productivity gains and see an acceleration in corporate earnings.”
“We believe there is some opportunity for expansion in 2026, where we had a relatively narrow lead during this year,” he added.
