The Dow slumps 330 points as the market’s post-election Trump rally loses steam

After hitting record highs following Trump’s victory, the Dow and S&P 500 hit the brakes on Tuesday, a day before the release of the Consumer Price Index (CPI) and core CPI data.

In the afternoon, the Dow Jones Industrial Average fell 330 points, or 0.75%. Meanwhile, the S&P 500 shed 0.5%, and the tech-heavy Nasdaq also dropped 0.4%.

Among tech stocks, Tesla (TSLA) and Nvidia (NVDA) rose over 3% and 2%, respectively, while Micron Technology (MU) and Super Micro Computer (SMCI) declined by 5% and 4%.

Bitcoin reached almost $90,000 and then dropped

Bitcoin extended its rally after Trump’s win, nearing $90,000 between Monday night and early Tuesday. According to crypto tracking site Coingecko, the leading cryptocurrency reached an all-time high of $89,864, bringing its market capitalization to $1.72 trillion — edging out silver’s $1.71 trillion but still far behind gold’s estimated $17.52 trillion. By Tuesday morning, however, Bitcoin had dropped back to around $86,000.

Important earnings to watch

A number of major players released their results before the opening bell, including Home Depot (HD), the leading home improvement retailer, and AstraZeneca (AZN), the multinational pharmaceutical company.

Spotify (SPOT), the music streaming giant, will report its earnings after the market close, along with MARA Holdings (MARA), a key player in the cryptocurrency mining industry.

— Rocio Fabbro contributed to this article

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