U.S. Stock Indices Decline as Tech Stocks Lead Losses

According to BlockBeats, the three major U.S. stock indices ended a two-day rally with declines on Tuesday. The Nasdaq fell by 1.71%, the S&P 500 dropped 1.06%, and the Dow Jones Industrial Average decreased by 0.62%. Technology stocks led the downturn, with Tesla plummeting 5.34% due to increased competition, and Nvidia's stock falling 3.35% despite new product announcements at the GTC conference. In the cryptocurrency market, prices experienced volatility and downward pressure, influenced by the weak opening of U.S. stocks. Bitcoin quickly dropped to around $81,000 but rebounded to $82,571 after the U.S. market closed, marking a nearly 1% decline over 24 hours. Ethereum, however, rose 1.3% to $1,940, possibly buoyed by news of the Pectra upgrade. Other major tokens saw minor declines. In the foreign exchange and commodities markets, the U.S. dollar index continued to weaken, falling 0.13%. Oil prices decreased by nearly 1% amid reports of a potential temporary ceasefire on energy facilities between Russia and Ukraine. Concerns over a U.S. recession and instability in the Middle East drove spot gold prices up by over 1.1%, reaching a new record high of $3,040. Market attention is now focused on the Federal Reserve's monetary policy decision expected tonight. While it is widely anticipated that interest rates will remain unchanged, investors are keen to analyze the "dot plot" and Federal Reserve Chair Jerome Powell's remarks at the press conference for insights into policymakers' assessments of the trade war's potential impacts and clues on when the Fed might cut rates again.