US Stock Market LIVE: Dow drops 185 points as investors await trade deals, Fed decision

US Stock Market LIVE: US stocks are sinking on Tuesday (May 6) as AI mania on Wall Street loses more steam and as more companies scrub their forecasts for upcoming profits because of uncertainty created by President Donald Trump’s tariffs. The S&P 500 was down 1.1% in early trading and on track for a second drop after breaking a nine-day winning streak, its longest such run in more than 20 years.

US Stock Market LIVE: US stocks are sinking on Tuesday (May 6) as AI mania on Wall Street loses more steam and as more companies scrub their forecasts for upcoming profits because of uncertainty created by President Donald Trump’s tariffs. The S&P 500 was down 1.1% in early trading and on track for a second drop after breaking a nine-day winning streak, its longest such run in more than 20 years. The Dow Jones Industrial Average was down 438 points, or 1.1%, as of 9:55 a.m. Eastern time, and the Nasdaq composite was 1.4% lower. Palantir Technologies was one of the heaviest weights on the market after falling 13.5%. The company, which offers an AI platform for customers, dropped even though it reported a profit for the latest quarter that met analysts’ expectations and raised its forecast for revenue over the full year. All eyes are now on the two-day FOMC meet that begins today. Jerome Powell, the Fed Chair, is all set to keep rates unchanged, much to the dismay of the US President, who has repeatedly called for lowering rates. Watch this space for all the Live updates.