Wall Street stocks retreated Tuesday, with scandal-hit Nvidia notably tumbling again, while the dollar gained after a hot US inflation report boosted expectations of Federal Reserve interest rate hikes.
After an up day on several Asian and European bourses, Wall Street indices were under pressure throughout the session following US data showing inflation slowed less than expected in October.
The report came hours after Fed Governor Christopher Waller called for a swift response to inflation, suggesting he could even support a 50-basis-point hike in December.
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A second Fed official, Dallas Fed President Lorie Logan, also signaled strong support for swift action to address inflation.
"This is a recognition that inflationary pressures continue to accelerate and the Fed is going to have to be aggressive," said Joe Zidle, chief market strategist, Cresset Capital Management.
All three major indices ended lower, led by the tech-focused Nasdaq which lost 0.7 percent.
Equity markets also digested some positive developments.
Oil prices continued to retreat on hopes a US-Iran agreement may be closer, while artificial intelligence titan Anthropic disclosed plans to raise up to $64 billion in its upcoming initial public offering, in a listing expected later this month.
