Stocks fell on Tuesday as investors took a risk-off stance and punished some of this year’s biggest winners most harshly.

The tech-heavy Nasdaq Composite (^IXIC) fell over 2%, while the S&P 500 (^GSPC) lost 1.2%. The Dow Jones Industrial Average (^DJI) fell about 0.5%.

Tech (XLI) stocks led the downside with software surveillance giant Palantir (PLTR) losing over 8% despite a strong quarterly report.

AI chip heavyweight Nvidia (NVDA) stock dropped nearly 4% while Tesla (TSLA) also fell over 5% ahead of the EV maker’s shareholder meeting this Thursday, which is set to feature a crucial vote on CEO Elon Musk’s pay package.

The US dollar (DX-Y.NYB) index rose, putting pressure on equities, commodities, and other risk assets.

Bitcoin (BTC-USD) extended declines to a June low, slipping more than 6% to slip just below $100,000.

Cryptocurrencies tumbled as bitcoin (BTC-USD) fell more than 6%, briefly falling below $100,000.

The world’s largest cryptocurrency dropped to its lowest level since late June.

Tech (XLI) stocks led the downside on Tuesday as the overall market slipped due to concerns about lofty AI valuations. Consumer Discretionary (XLY) and Industrial (XLI) equities also declined. All three sectors have led this year’s rally amid an artificial intelligence and data center boom.

Energy-related stocks (XLE) also declined on Tuesday due to concerns about slowing demand.

Yahoo Finance’s Brooke DiPalma reports:

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Papa John’s (PZZA) stock fell as much as 17% in just minutes on Tuesday afternoon after Reuters reported that Apollo pulled its deal to take the pizza chain private at $64 per share.

Citing two people familiar with the deal, the private equity giant pulled its bid for the company a week ago. (Disclosure: Yahoo is owned by Apollo Global Management.)

The company is set to report quarterly results on Thursday.

Yahoo Finance’s Laura Bratton reports:

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Bitcoin (BTC-USD) extended declines on Tuesday as investor concerns over the government shutdown and slowing economic growth led to a sell-off of the world’s largest cryptocurrency.

The token declined more than 5% to hover near $101,000 per token, nearly 20% off its all-time high reached in early October.

Fundstrat head of digital assets Sean Farrell pointed out that “whale selling,” done by investors with large holdings, had risen recently, paving the way for weakness in the market.

“Whales — they continue to hammer price,” Farrell said on Monday evening, noting billions in bitcoin have recently been moved from private wallets to exchanges, presumably to be sold.

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Caterpillar (CAT) has raised its targets for the 2024 to 2030 period for revenue, profit margin, and capital expenditures, the company said in a presentation for its Investor Day on Tuesday.

The industrial giant is looking to raise the compound annual growth rate (CAGR) for its sales and revenues from 4% in 2024 to 5%-7% through 2030, while bringing its services revenues up to $30 billion per year from $24 billion in 2024.

The company is also raising its adjusted operating profit margin target from a range of 18% to 22% at $72 billion of sales and revenues to 21% to 25% at $100 billion, according to the investor presentation.

Shares in Caterpillar, down 3% through Tuesday morning trading, remain up by more than 70% over the past six months as the company has seen demand for machinery to power AI data centers explode.

On the back of that growth, the industrial company is looking to double its capital expenditures for machines, power, and energy, and more than double its capacity for gas turbines, which are crucial to the natural gas plants that are becoming an increasingly go-to source of energy for data center developers.

Caterpillar reported in its third quarter earnings release that power generation machinery brought in the biggest sales jump of the quarter, with demand for reciprocating engines up by 33% year-on-year.

“I think we’re at the early stages of the prime power opportunities, so we’re excited to have more of those come online,” CEO Joe Creed said on the earnings call. “So we have great confidence in the pipeline that’s out there, and that’s why we’re putting the capacity in, and we continue to raise the capacity.”

The Industrials (XLI) sector as a whole is up roughly 15% on the year, just below the S&P 500’s (^GSPC) 15.7% rise, for which the AI boom is also largely responsible.

Fellow industrial giant Honeywell (HON) also cited demand for data centers as a bright spot on a strong third quarter earnings print last week.

The hedge fund run by Michael Burry disclosed bets against tech heavyweights Nvidia (NVDA) and Palantir (PLTR) in regulatory filings yesterday.

Scion Asset Management, run by the trader who rose to fame for correctly predicting the US housing market bubble and subsequent stock market crash in 2008, has taken out puts, or trades that benefit from a stock price falling, on two of Big Tech’s darlings.

Palantir raised its full-year revenue outlook to $4.4 billion and beat estimates for third quarter sales, but the company’s shares still fell as the market priced in worries about an overinflated valuation. Shares were down more than 7.3% in early trading on Tuesday morning.

Palantir stock had initially gained 7% in after-market trading on Monday just after the earnings release but very quickly reversed to fall by more than 7%.

Shares in Nvidia, which will report earnings on Nov. 19, lost more than 2% at the open on Tuesday. In an interview with CBS News on Sunday, President Trump said the US would not allow Nvidia to sell its top-of-the-line chips to Chinese buyers as a matter of national security.

Scion Asset Management manages roughly $155 million in assets, according to the firm’s latest regulatory filings.

Russian crude shipments fell by the widest margin seen since January 2024 over the past month, according to vessel-tracking data from Bloomberg, as US sanctions have begun to show their effect.

Four-week average volumes of crude oil shipped from Russia’s ports tallied 3.58 million barrels per day for the period ended November 2, down by 190,000 barrels per day from the period ended October 26. The amount of Russian crude stuck at sea, with no refinery to purchase the shipments, has risen by 8% since the start of September, according to Bloomberg data.

On a weekly basis, the value of exports for the week ended November 2 fell by 27% from the week ended October 26.

Prices for Brent crude oil (BZ=F), the global benchmark, fell by 1.2% Tuesday morning, while the US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by more than 1.3%.

Sanctions levied by the US Treasury Department against Russia’s four largest crude producers over the past year contain punishing measures for companies seen doing business with the Russian entities, ranging from fines to a cutoff from the US financial system.

China, India, and Turkey purchase a combined 95% of seaborne cargos of Russian crude, but refineries in all three countries have been documented pausing their buying in recent weeks, forcing a buildup on Moscow’s end.

In India, three refiners that through the first half of the year were buying close to one million barrels per day of Russian crude have halted their purchases, according to Bloomberg reporting. In China, purchase cancelations from two major state-owned refiners are expected to affect as much as 45% of China’s imports of Russian barrels.

India is likely to be especially attuned to the Treasury’s directives, as the Trump administration recently levied an additional 25% tariff on Indian goods, bringing the tariff rate on India up to 50%, over the country’s purchase and resale of Russian oil.

US stocks fell at the market open on Tuesday as investors digested wariness around the valuations of Palantir (PLTR) and other Big Tech leaders and prepared for another packed day of earnings from major companies.

The tech-heavy Nasdaq Composite (^IXIC) index led losses, shedding more than 1.7% in the first minutes of trading, while the sector-agnostic S&P 500 (^GSPC) fell by more than 1.2% and the Dow Jones Industrial Average (^DJI) lost more than 0.9%, or more than 430 points.

Leading headlines this morning are a slate of Wall Street chief executives saying investors should prepare themselves for a drop in the equity markets as hyper-inflated valuations course-correct. Commenters included Goldman Sachs’ David Solomon, Morgan Stanley’s Ted Pick, and Capital Group CEO Mike Gitlin.

Palantir (PLTR) shares dropped more than 6.8% despite solid quarterly results as analysts questioned the stock’s lofty price-to-earnings ratio.

Before the bell, Uber (UBER) posted strong results, but shares slipped in a sign investors wanted more. Eyes are now on chipmaker AMD’s (AMD) report after market close, with focus on its massive AI deals. Spotify (SPOT) and SuperMicro (SMCI) are also on the docket.

Roughly 240 companies are set to report earnings today. Other notable results today will come from tech heavyweight Arista Networks (ANET), British oil major BP plc (BP), and biotechnology giant Amgen (AMGN), alongside a slate of other companies.

Uber (UBER) reported strong third quarter earnings on Tuesday before the bell, but failed to impress investors — who probably wanted more, sending the stock down 4% in premarket trading.

Yahoo Finance’s senior reporter Pras Subramanian delves into the latest results from the ride-hailing company.

Read more here.

Please note, some government data will not be released due to the shutdown.

Economic data: JOLTS job openings (September)

Earnings calendar: AMD (AMD), Shopify (SHOP), Uber (UBER), Arista Networks (ANET), Amgen (AMGN), Eaton Corporation (ETN), Pfizer (PFE), BP (BP), Ferrari (RACE), Marriott International (MAR), Apollo Global Management (APO), Thomson Reuters (TRI), Zoetis (ZTS), Marathon Petroleum (MPC), Coupang (CPNG), Axon Enterprises (AXON), Aflac (AFL), Suncor Energy (SU), Exelon (EXC), Yum! Brands (YUM), Live Nation Entertainment (LYV), Supermicro Computer (SMCI), Archer-Daniels-Midland (ADM), Kinross Gold Corporation (KGC), Broadridge Financial Solutions (BR), Leidos (LDOS), Pinterest (PINS), TPG (TPG), Toast (TOST), Global Payments (GPN), Rivian (RIVN), Molson Coors (TAP)

Here are some of the biggest stories you may have missed overnight and early this morning:

Wall Street CEOs warn: Brace for 10% pullback in stocks

Earnings reveal tech strength and consumer weakness

Palantir slides as valuation doubts cloud upbeat outlook

Bitcoin sinks toward $100,000 after breaking key level

Earnings: Pfizer slips, ADM stock tanks

Amazon’s $38B OpenAI deal shows it is no longer an AI laggard

Norway wealth fund to vote against Musk’s $1 trillion pay package

Spotify stock jumps amid strong results, price hike chatter

Uber stock dips despite strong Q3 earnings

Spotify (SPOT) stock rose % before the bell on Tuesday after the audio giant reported better-than-expected third quarter results, beating analyst estimates on revenue and margin, alongside user growth.

Yahoo Finance senior reporter Allie Canal reports on the latest earnings report from Spotify.

Read more here.

ADM (ADM) stock slumped 9% before the bell on Tuesday after it cutting its full-year 2025 profit outlook after weaker crush margins and delays in US biofuel policy weighed on results, sending the grain trader’s shares down nearly 9% in pre-market trading.

Reuters reports:

Read more here.

Nvidia (NVDA) stock fell more than 1% in premarket trading on Tuesday. The fall in share price follows the news that Microsoft (MSFT) will provide the UAE with Nvidia chips for the first time.

MP Materials (MP) stock fell 3% in premarket trading after President Trump suggested the threat surrounding rare earths had “completely gone.”

Sarepta Therapeutics, Inc. (SRPT) stock slumped 39% before the bell on Tuesday after reporting a quarterly loss of $0.13 per share. This compares to earnings of $0.62 per share a year ago.