U.S. stocks close lower as questions about AI appear

U.S. stocks finished lower on Tuesday as investors digested a wave of corporate headlines and ongoing political gridlock in Washington.

The Dow Jones Industrial Average slipped 91.99 points, or 0.2 percent, to 46,602.98. The Standard and Poor's 500 dropped 25.69 points, or 0.38 percent, to 6,714.59, snapping a seven-day winning streak. The Nasdaq Composite Index declined 153.3 points, or 0.67 percent, to 22,788.36 after touching new intraday highs earlier in the session.

Six of the 11 primary Standard and Poor's 500 sectors closed in the red, led by consumer discretionary and communication services, which lost 1.43 percent and 0.73 percent, respectively. Meanwhile, consumer staples and utilities gained 0.86 percent and 0.42 percent.

Hopes for a quick resolution to the U.S. federal government shutdown faded as the Senate on Monday failed for the fifth time to pass a House bill that would fund the government through Nov. 21. The measure fell short of the 60 votes needed to advance, with lawmakers largely voting along party lines.

In corporate news, AppLovin shares surged 7.64 percent to lead the Standard and Poor's 500 and Nasdaq, rebounding from a 14 percent plunge the previous day following reports that the U.S. Securities and Exchange Commission was investigating the company's data-collection practices after a whistleblower's complaint.

Trilogy Metals tripled after the White House said it would reverse a Biden-era block on Alaska's Ambler Road project and take a 10 percent stake in the Canadian firm to support mining exploration.

Elsewhere, IBM rose about 1.5 percent after announcing a partnership with AI startup Anthropic to integrate the Claude large language model into IBM's enterprise software. Ford Motor fell 6.14 percent after reports that a fire at a major aluminum supplier could disrupt production for months. Oracle dropped 2.52 percent amid concerns that its cloud-computing margins are smaller than expected.

Tesla shares fell 4.45 percent after the company unveiled lower-cost Model Y and Model 3 vehicles, erasing some of Monday's rally. Amazon shares edged higher as the e-commerce giant kicked off its two-day "Prime Big Deal Days" sales event.

U.S. stocks close lower as questions about AI appear

U.S. stocks close lower as questions about AI appear

China's top political advisor Wang Huning has met with delegates attending the 11th national congress of the Taoist Association of China, which was held on Monday and Tuesday in Beijing.

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the Chinese People's Political Consultative Conference National Committee, stressed the importance of implementing the Party's basic policy on religious affairs, and of guiding followers and key figures of Taoism to contribute to the country's modernization drive.

Wang urged the association to exercise full and rigorous governance over the religion, intensify efforts to raise awareness of the rule of law, and foster an image of a Taoist community that is patriotic and devoted to the faith, maintains good conduct, abides by the law, and upholds Taoist precepts.

He encouraged the association to cultivate talent proficient in both canonical teachings and fine traditional Chinese culture, and to expand global exchange in Taoism.

At the national congress, the association adopted a revised charter, as well as a set of religious rules and regulations, and elected new leadership.

Top political advisor meets with Chinese Taoist delegates