Wall Street sinks under the weight of its own expectations as Big Tech’s AI high fades and Fed doubts creep in

Stocks are opening lower on Wall Street, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year. The S&P 500 slid 1.2% in the early going Tuesday. The Dow Jones Industrial Average fell 431 points, or 0.8%. The Nasdaq composite sank 1.7%. Palantir Technologies , which had more than doubled so far this year, fell 10% despite reporting results that beat analysts’ forecasts. Nvidia also reversed course, falling 2.8%. European markets were lower and Asian markets fell overnight. Treasury yields edged lower in the bond market.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street pointed toward losses before the opening bell as the same tech companies that drove a market rally to start the week