Shares of technology companies fell as a recovery rally lost steam.

Nvidia shares fell sharply, compounding losses associated with reports that Chief Executive Jensen Huang carried on an extramarital affair with a woman that may have been recruited by Chinese intelligence services. Shares of Nvidia rivals such as Advanced Micro Devices and Broadcom gained, as traders bet they would benefit from the reputational damage and potential upheaval in the chip giant's operations.

Anthropic targeted a $1.3 trillion valuation for its upcoming initial-public offering, significantly below earlier targets.

CoreWeave shares were volatile in late trading after the cloud-computing firm posted revenue more or less in line with Wall Street targets and sought to assuage investor concerns about its rising cost of debt.