By Heard Editors
What Happened in Markets Today
Tech sinks the market. Big tech made its weight felt Tuesday as a notable decline among megacap tech stocks pushed major indexes into the red. The eight companies valued at more than $1 trillion lost a combined $385 billion in market capitalization for the day. The Nasdaq closed down 1.5%.
Valuations chipped away. More expensive tech names saw even greater pressure. Palantir, which trades at more than 200 times projected earnings, led S&P 500 decliners with a 9.4% drop. Oracle, whose own multiple is historically high following a 49% run-up this year, dropped 5.8% on Tuesday.
Home Depot sends a message. The retail giant's shares rose 3% Tuesday following its quarterly results. But the company also said that it would be raising some prices due to tariffs and that homeowners are putting off big projects.
Intel finds more friends. Softbank is investing $2 billion in Intel, following news that the company is also in discussions for the federal government to take a stake. Intel's shares jumped nearly 7% Tuesday-leading gainers on the S&P 500.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
August 19, 2025 17:30 ET (21:30 GMT)
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