US stocks slipped on Tuesday, leaving the S&P 500 Index on track for its longest slide since August, as a six-month rally teetered following a $1.2 trillion selloff in cryptocurrencies and amid fears around stretched artificial-intelligence valuations.
The benchmark equities gauge fell for a fourth day, but recovered from its weakest levels. It was down just 0.3% as of 1:03 p.m. in New York, after dropping as much as 1.5%. The technology-heavy Nasdaq 100 Index fell 0.5% — leaving it down nearly 5.5% from its October peak. A basket of the Magnificent Seven companies declined 1%. Nvidia Corp., at the center of the AI frenzy, slumped 1.3% ahead of its earnings report after Wednesday’s close. Amazon.com Inc. and Microsoft Corp. fell more than 3% after a ratings downgrade.