Don’t look now, but the stock market’s Tuesday rally is fading.
The Nasdaq Composite was up just 0.6% shortly after 2 p.m. ET. The S&P 500 was up 0.4%. The Dow was up 192 points, or 0.5%.
The majority of stocks in the S&P 500 were rising. There wasn’t an obvious catalyst for the pullback, but a handful of large AI-linked stocks seemed to be losing steam.
Nvidia, for example, was up 2.3% to $140.49 after hitting $142 earlier in the session. Constellation Energy, which boosted AI stocks after it signed a 20-year deal to sell power to Meta Platforms, was back down 0.9%.
Investors are paying attention to the debate over President Donald Trump’s tax bill. Tesla Elon Musk ramped up his criticism of the bill, describing it as a “massive, outrageous, pork-filled Congressional spending bill,” adding that it was a “disgusting abomination.”
“Shame on those who voted for it: you know you did wrong. You know it,” Musk added.