Wall Street tumbles over 1% as tech shares face pressure

U.S. stock indexes fell at the start of Tuesday’s session as heavy selling resumed in technology shares, particularly companies linked to artificial intelligence.

Later this week, several key U.S. economic releases are expected, most notably the September nonfarm payrolls report due on Thursday.

This comes a day after the release of the Federal Reserve meeting minutes, which reflected the recent decision to cut interest rates.

Meanwhile, Federal Reserve Vice Chair Philip Jefferson called for caution regarding further rate cuts in the coming period.

Jefferson said he agreed with the cut implemented in October and believes current monetary policy is “somewhat restrictive,” suggesting there may be additional room for easing.

In market trading, the Dow Jones Industrial Average fell 1.3% (587 points) to 46,024 points as of 15:07 GMT, the S&P 500 dropped 1.1% (74 points) to 6,598 points, while the Nasdaq Composite slipped 1.5% (345 points) to 22,370 points.