Stock market today: live updates

Stocks fell on Tuesday, taking a breather from the rally that catapulted them to record highs, as traders sifted through the latest corporate earnings reports.

The Dow Jones Industrial Average lost 117 points or 0.3%. The S&P 500 slipped 0.4%, and the Nasdaq Composite fell 0.8%.

Nvidia, Broadcom and other chip stocks hit their session lows after the Dutch semiconductor equipment maker ASML fell by 17%. The company’s CEO warned that customers should be “cautious” and said that a “recovery is slower than previously expected.” UnitedHealth fell 7% after the company cut its full-year profit outlook. Bank of America Values ​​rose 2% due to better-than-expected results.

So far, about 40 S&P 500 companies have reported third-quarter results. Of these, 80% exceeded analyst expectations, according to FactSet.

Wall Street had a successful session that catapulted the S&P 500 and the Dow to all-time highs. Notably, the Dow gained more than 200 points and surpassed the 43,000 point mark for the first time.

Despite Tuesday’s declines, the three major averages are higher for the month and appear on track to overcome a historically volatile season. But Terry Sandven, chief equity strategist at US Bank Wealth Management, says stocks aren’t out of the woods yet.

“It’s hard to get better than you are now. This has quickly become a market to buy and sell higher while the S&P is at all-time highs,” he told CNBC. “To some extent, we may be facing a bit of a setback.”

However, a strong third-quarter earnings season and a robust fundamental environment could keep stocks at current levels through year-end. Sandven’s year-end target for the benchmark is 6,000, a modest 2% increase.

“For equity investors, these are the best of times and the worst of times. The year-to-date performance of US stocks remains excellent and broad-based. Conversely, a wall of worry looms as valuations are elevated and election-related nuances remain. Global tensions are worsening etc,” he added. “In the short term, there is a lot of positive in the stock market. As we look to the end of the year and beyond, we expect volatility to be the norm rather than the exception.”