US stocks snap a 7-day winning streak as gold’s price tops $4,000 per ounce

NEW YORK (AP) — Wall Street’s record-breaking rally ran out of momentum on Tuesday after the price of gold topped $4,000 per ounce for the first time.

The S&P 500 dipped 0.4% from its latest all-time high and broke a seven-day winning streak. The Dow Jones Industrial Average fell 91 points, or 0.2%, and the Nasdaq composite sank 0.7%.

Stocks took a pause following a nearly relentless rush higher since April on hopes that the economy will remain resilient and that the Federal Reserve will continue to cut interest rates.

Tesla was the heaviest weight on the market and dropped 4.4% after unveiling cheaper versions of two of its electric car models. The stock gave back most of its leap from the prior day, when speculation and hype built after Tesla hinted at a coming product announcement.

Oracle also helped drag the market lower. It fell 2.5% after a news report suggested it’s making thin profit margins on a key line of business related to artificial-intelligence technology.

The frenzy around AI has been one of the biggest trends guiding Wall Street to record after record recently. It’s been so strong that it’s raised worries that prices have potentially shot too high across the market.

On Tuesday, Dell climbed 3.5% after executives talked up the company’s opportunity for growth because of AI at an investment conference. Advanced Micro Devices rallied 3.8% to add to its surge from Monday, when it announced a deal where OpenAI will use its chips to power AI infrastructure. IBM rose 1.5% after announcing a partnership that will integrate Anthropic’s Claude AI chatbot into some of its software products.

Much is riding on expectations that the AI investment boom will pay off by making the global economy more productive and driving more growth. Without that increased efficiency, inflation could push higher due to upward pressure coming from the mountains of debt that the U.S. and other governments worldwide are building.

That has optimists on Wall Street buying tech stocks and pessimists buying gold, according to Thierry Wizman, a strategist at Macquarie Group.

Investors have traditionally seen gold as offering protection from high inflation. Its price has soared more than 50% this year not only because of governments’ huge debt loads but also because of political instability worldwide and expectations for lower interest rates from the Fed.

Investors looking to “hedge” themselves, meanwhile, may be buying both tech stocks and gold, Wizman wrote in a research report.

Elsewhere on Wall Street, Intercontinental Exchange rose 1.8% after the company behind the New York Stock Exchange said it had agreed to invest up to $2 billion in Polymarket.

Polymarket offers prediction markets that allow customers to profit from making predictions on events across politics, financial markets and popular culture, such as who will become New York City’s next mayor or whether the U.S. government will announce this year that aliens exist.

Constellation Brands added 1% after the beer and wine company reported results for the latest quarter that several analysts said were better than they expected. Sales of beer still dropped from a year earlier, though, as CEO Bill Newlands highlighted a “challenging socioeconomic environment that has dampened consumer demand.”

All told, the S&P 500 fell 25.69 points to 6,714.59. The Dow Jones Industrial Average dropped 91.99 to 46,602.98, and the Nasdaq composite sank 153.30 to 22,788.36.

In Toronto, shares of Trilogy Metals more than tripled after the White House said late Monday that it’s taking a 10% equity stake in the Canadian company while allowing the Ambler Road mining project in Alaska to go forward.

President Donald Trump late Monday ordered the approval of a proposed 211-mile road through an Alaska wilderness to allow mining of copper, cobalt, gold and other minerals used in production of cars, electronics and other technologies. Trilogy is seeking to develop the Ambler site along with an Australian partner.

In Europe, France’s CAC 40 edged up by less than 0.1% a day after slumping due to the latest political upheaval in Paris. France’s prime minister abruptly resigned on Monday.

In the bond market, the yield on the 10-year Treasury eased to 4.13% from 4.18% late Monday.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

James Bodner, center, and others work on the floor at the New York Stock Exchange in New York, Wednesday, Oct. 1, 2025. (AP Photo/Seth Wenig)

FILE - A sign outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)

FILE - The New York Stock Exchange is seen in New York, July 14, 2025. (AP Photo/Seth Wenig, file)

A person stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Oct. 6, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Oct. 6, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Electronic stock boards show Japan's Nikkei 225 index at a foreign exchange firm in Tokyo, Tuesday, Oct. 7, 2025. (Kyodo News via AP)

NAKHON RATCHASIMA, Thailand (AP) — A new construction accident on a road near Thailand's capital, Bangkok, was reported on Thursday, just 24 hours after a construction crane fell on a moving passenger train in the country's northeast, killing at least 32 people.

There was no immediate official confirmation of deaths in Thursday’s accident, but the Facebook page of Fire & Rescue Thailand, which covers the activities of volunteer firefighters and rescue workers, said at least one person was killed.

The accident occurred at the site of an elevated road construction project.

Meanwhile, the search for survivors from Wednesday’s train accident in Nakhon Ratchasima province has ended, said provincial governor Anuphong Suksomnit. Officials said three passengers listed as missing were presumed to have gotten off the train earlier, but that was still being investigated.

Officials believed there had been 171 people aboard the train’s three carriages, which were being removed from the scene on Thursday.

The latest accident on the outskirts of Bangkok saw a construction crane collapse on the Rama 2 Road elevated expressway in Samut Sakhon province at around 9 a.m., according to the government's Public Relations Department, which added that two vehicles were trapped in the wreckage, which included massive metal girders.

Rescue operations were underway, the statement added.

The construction project, an extension of the Rama 2 Road expressway — a major artery leading from Bangkok — has become notorious in recent years for construction accidents, some of them fatal.

At the train accident scene in Nakhon Ratchasima, work to remove the wreckage continued Thursday, after search and rescue operations concluded Wednesday night. The accident saw a falling crane derail and crush parts of the train under it.

The authorities said the crane that fell was a launching gantry crane, a mobile piece of equipment often used in building elevated roadways.

Narongsak Promta, the provincial police chief of Nakhon Ratchasima, told reporters at the site that police are working to verify the status of all passengers to determine the status of the three people listed as missing.

He said police are still collecting evidence and interviewing relevant parties and have not yet pressed charges against any party.

South Korea's Foreign Ministry reported that one South Korean national, a man in his late 30s, was among the dead. The ministry is providing consular services to the bereaved family.

The two-stage high-speed rail project on which the accident occurred has a total investment cost of more than 520 billion baht ($16.8 billion) and is associated with an ambitious plan to connect China with Southeast Asia under Beijing’s Belt and Road Initiative.

In August 2024, a railway tunnel on the planned route, also in Nakhon Ratchasima, collapsed, killing three workers.

Anan Phonimdaeng, acting governor of the State Railway of Thailand, said the project’s contractor is Italian-Thai Development, with a Chinese company responsible for design and construction supervision.

A statement posted on the website of the company, also known as Italthai, expressed condolences to the victims and said the company would take responsibility for paying compensation to the families of the dead and hospitalization expenses for the injured.

The rail accident sparked outrage because Italthai was also the co-lead contractor for the State Audit Building in Bangkok that collapsed during construction in March last year during a major earthquake.

About 100 people were killed in the collapse, which was the only major structure in Thailand to suffer such serious damage. Dozens of executives were indicted in connection with the disaster but none have yet been tried.

The involvement of Chinese companies in both projects has also drawn attention, as has Italthai and Chinese companies’ involvement in the construction of several expressway extensions in and around Bangkok where several accidents, some fatal, have occurred.

In Beijing, Chinese Foreign Ministry spokesperson Mao Ning said Wednesday the government was aware of the reports about the rail accident and had expressed condolences.

It was not immediately clear which companies were involved in Thursday's road construction accident.

Associated Press writers Wasamon Audjarint in Bangkok and Hyung-jin Kim in Seoul contributed to this report.

Forensic workers inspect the site of a train accident, a day after a construction crane fell into a passenger train in Nakhon Ratchasima province, Thailand, Thursday, Jan. 15, 2026. (AP Photo/Sakchai Lalit)

A cuddly toy lies on the ground at the site of a train accident, a day after a construction crane fell into a passenger train in Nakhon Ratchasima province, Thailand, Thursday, Jan. 15, 2026. (AP Photo/Sakchai Lalit)

A construction crane that collapsed on the Rama 2 Road elevated expressway in Samut Sakhon province, Thailand on Thursday, Jan. 15, 2026. (AP Photo/Arnun Chonmahatrakool)

A construction crane that collapsed on the Rama 2 Road elevated expressway in Samut Sakhon province, Thailand on Thursday, Jan. 15, 2026. (AP Photo/Arnun Chonmahatrakool)

A construction crane that collapsed on the Rama 2 Road elevated expressway in Samut Sakhon province, Thailand on Thursday, Jan. 15, 2026. (AP Photo/Arnun Chonmahatrakool)