The U.S. stock market experienced a slight pullback on Tuesday, with the S&P 500 index falling by 0.4 percent and the Dow Jones Industrial Average dropping 0.6 percent.
Nvidia's stock has faced challenges, marking its eighth loss in nine days and a decline of over 12 percent from its peak last month. This has raised concerns among investors, as the stock had previously been a driving force behind Wall Street's record-breaking performance this year.
A recent survey conducted by Bank of America revealed that many global fund managers are increasingly investing in U.S. stocks while reducing their cash reserves. The S&P 500 is on track for one of its best annual performances since the turn of the millennium, with an increase of nearly 27 percent.
The Federal Reserve has shifted its stance, cutting interest rates from a two-decade high, with a third cut expected to be announced soon. However, the outlook for future rate cuts is becoming more uncertain as inflation remains above the Fed's target of 2 percent. Recent data indicating stronger-than-expected retail sales suggests that the economy may not require further assistance from lower interest rates.
In the bond market, Treasury yields remained stable, with the 10-year Treasury yield holding at 4.40 percent.
On Wall Street, Broadcom experienced a decline of 3.9 percent, while Pfizer's stock rose by 4.7 percent.
Internationally, stock markets mirrored the U.S. trend, with London’s FTSE 100 falling by 0.8 percent and Japan's Nikkei 225 slipping by 0.2 percent.
Bitcoin has set a record above $108,000 before retracting to around $106,500, fueled by growing enthusiasm surrounding digital currencies.