James Gruber

A closer look at the trading day there.

The Nasdaq and the S&P 500 backed away from record closing highs on Tuesday as renewed concerns over the artificial intelligence boom weighed on technology stocks days before five of the sector's most high-profile companies were due to post-quarterly results.

OpenAI missed revenue and user targets ahead of its slated IPO, raising concerns of the AI heavyweight's ability to support its massive spending on data centers, according to a Wall Street Journal report.

Shares of Oracle, whose reliance on OpenAI for its cloud computing ambitions has been under scrutiny, fell 4.1%.

Chip stocks also dropped, with NVIDIA, AMD and Broadcom down between 1% and 4%.

NVIDIA-backed Corweave slid 3.7%.

General Motors beat quarterly profit estimates and lifted its full-year earnings forecast, boosted by a resilient US car market and an expected tariff refund.

The automaker's shares rose 0.9%.

United Parcel Service shares dropped 3.1% after the package delivery company reiterated its full-year revenue target as spiking fuel costs offset underlying business improvement.

Coca-Cola gained 4.1% following its better-than-expected quarterly report.

The beverage giant played down the impact of high oil prices and raised its annual earnings target.

Two U.S.

government bond yields rose on dimming hopes for an Iran resolution.

The U.S.

10-year Treasury yield was one point higher to 4.35%, while the U.S.

2-year Treasury yield was up three points to 3.84%.

To the European markets now.

The continent-wide FTSE Euro First 300 index ended down 0.3% and the UK FTSE 100 was up 0.1%.

European shares ended near a three-week low on Tuesday as mixed corporate earnings, uncertainty over the Middle East conflict and caution ahead of major central bank decisions later this week weighed on sentiment.

European tech stocks slid 1.9% on Tuesday, tracking losses on Wall Street amid growing scepticism over whether the AI boom would translate into growth.