The tech-heavy Nasdaq experienced a decline of 0.7%, translating to a decrease of 153.30 points, concluding at 22,788.36 points. The Dow Jones Industrial Average experienced a decline of 0.2%, translating to a decrease of 91.99 points, ultimately closing at 46,602.98 points. The S&P 500 experienced a decline of 0.4%, equating to a decrease of 25.69 points, concluding at 6,714.59 points, thereby interrupting its seven-day winning streak. Stocks in the technology, industrials, and consumer discretionary sectors exhibited the poorest performance. The Technology Select Sector SPDR and the Industrials Select Sector SPDR experienced declines of 0.7% and 0.6%, respectively. The Consumer Discretionary Select Sector SPDR lost 1.8%. Six of the eleven sectors of the benchmark index concluded in negative territory.

The fear gauge, CBOE Volatility Index, experienced a decline of 5.31%, settling at 17.24. On the NYSE, decliners surpassed advancers with a ratio of 1.93 to 1. On the Nasdaq, a ratio of 2.05-to-1 indicated a preference for declining issues. On Tuesday, trading volume reached 20.8 billion shares, surpassing the 20-session average of 19.44 billion shares. On the Nasdaq, the market recorded 1,527 new highs alongside 3,126 new lows. On the New York Stock Exchange, there were 350 instances of new highs and 75 instances of new lows.

Technology equities experience a downturn as the government shutdown persists. On Tuesday, technology equities experienced a decline amid rising apprehensions regarding the prospects of artificial intelligence stocks. Oracle Corporation led Tuesday’s decline following a report indicating that the company is generating significantly lower margins on its cloud business than analysts had anticipated and is also facing losses on several other deals. Oracle experienced a 2.5% decline in its shares, contributing to a wider downturn in the technology sector. Oracle holds a Zacks Rank of 3, indicating a Hold position.

In the interim, the government shutdown persisted. Investors find themselves at a loss in assessing the future health of the economy, having been deprived of essential economic data since the previous week. Investors had been looking to Washington for a resolution, yet no solution has emerged following the Senate’s failure to pass a House Bill on Monday, which would have allocated government funds through the end of November. Investors have turned to independently released secondary data to assess the likelihood of an additional interest rate cut by the Federal Reserve in the upcoming month. In light of the absence of essential economic indicators, market participants paid particular attention to a consumer expectation survey released by the New York Federal Reserve, which indicated an increase in inflation projections and a deterioration in future outlooks.