Nasdaq flat as chip rally fades after Anthropic's $518B AI spending plan
U.S. stocks were nearly flat on Tuesday, with the Nasdaq Composite edging up 0.04% to 26,831.94, as an early rally in chip stocks faded following Anthropic's IPO filing revealing plans for $518 billion in AI infrastructure spending. The Dow Jones Industrial Average slipped 0.07% to 51,446.51, while the S&P 500 rose 0.13% to 7,694.21. Nvidia, Micron, and SanDisk gave back early gains within 20 minutes of trading, while AMD and Intel extended modest advances. The moves followed Monday's selloff driven by rising oil prices and Treasury yields. Volatility eased, with the CBOE Volatility Index down 1.87% to 15.77. Investors also watched a White House lunch where President Trump met AI executives, and awaited key labor data ahead of the Federal Reserve's October meeting, with markets pricing over 72% odds of another rate hike.