Overview

• The S&P 500, Dow and Nasdaq fell about 0.3%–0.4% for a second session but remain close to record highs set Monday.
• Jerome Powell said equities are “fairly highly valued” and warned against cutting rates too aggressively, with the 10‑year Treasury yield hovering near 4.13%–4.14%.
• Alibaba jumped roughly 8%–10% after unveiling a plan to boost AI investment by about $53 billion, lifting Hong Kong and Shanghai markets even as some U.S. mega‑cap techs slipped.
• Lithium Americas surged around 90%–98% on reports the U.S. is considering a 10% stake and renegotiation of a $2.26 billion Energy Department loan tied to its Nevada project with General Motors.
• Energy shares gained as crude rose roughly 2% while gold, which hit a record earlier in the day, eased off highs into the close.