Tech stocks pull Wall Street lower as gold and silver prices bounce back

NEW YORK (AP) — The U.S. stock market sank in mixed trading on Tuesday, while gold and silver bounced higher after their latest sell-off.

The S&P 500 fell 0.8% and pulled further from its all-time high set last week. The Dow Jones Industrial Average dipped 166 points, or 0.3%, and the Nasdaq composite sank 1.4%.

Several influential Big Tech stocks weighed on the market, including drops of 2.8% for Nvidia and 2.9% for Microsoft. Such giants have been hampered by worries that their stock prices shot too high and became too expensive following their yearslong dominance of the market.

Stocks of software companies and others seen as potential losers to competitors powered by artificial intelligence also slumped. ServiceNow fell 7% to bring its loss for the young year so far to 28.3%.

Such declines dragged the S&P 500 to its fourth loss in the last five days, even though the majority of stocks in the index rose. That included a 6.8% climb for Palantir Technologies, which reported a bigger profit for the latest quarter than analysts expected. Its forecast for 61% growth in revenue this year also topped analysts’ expectations.

Some of the day’s strongest action remained in the metals markets. Gold’s price climbed 6.1% to settle at $4,935.00 per ounce in the latest swing since its jaw-dropping rally suddenly halted last week. Silver’s price, which has been whipping through even wilder moves, rallied 8.2%.

Gold and silver prices had been climbing for more than a year as investors looked for safer places to park their cash amid worries about everything from tariffs to a weaker U.S. dollar to heavy debt loads for governments worldwide. Their prices took off in particular last month, and gold’s price at one point had roughly doubled over 12 months.

But those rallies suddenly gave out last week, and gold’s price dropped from close to $5,600 to less than $4,500 on Monday. Silver plunged 31.4% on Friday alone.

Many traders say that what turned the momentum was expectations that President Donald Trump’s nominee to lead the Federal Reserve will keep interest rates high to fight inflation, though some disagree. Most agree that simple gravity took over afterward.

After gold and silver prices had shot up so much, so quickly, they were bound to fall back at some point, particularly with so many investors piling in to gold as a way to bet on continued weakness for the U.S. dollar.

“The move underscored how stretched anti-USD positioning had become,” according to strategists at Barclays.

On Wall Street, PayPal dropped 20.3% after reporting weaker results for the latest quarter than analysts expected. It also named a new CEO after it said “the pace of change and execution” over the last two years “was not in line” with the board of directors’ expectations.

Pfizer fell 3.3% even though it reported stronger profit for the latest quarter than analysts expected. The pharmaceutical company gave a forecasted range for profit in 2026 whose midpoint was below analysts’ expectations.

Shares of Banco Santander, the Spanish bank, that trade in the United States fell 6.4% after it said it will buy Webster Financial in a cash-and-stock deal valued at roughly $12.3 billion. The parent company of Webster Bank rallied 9%.

On the winning side of the market was PepsiCo, which rose 4.9% after the snack and beverage giant’s profit and revenue for the latest quarter nudged past analysts’ expectations. It also said it would cut prices this year on Lay’s, Doritos and other snacks to try and win back inflation-weary customers.

DaVita rallied 21.2% after the provider of dialysis and other health care services likewise delivered a better profit for the latest quarter than analysts expected.

All told, the S&P 500 fell 58.63 points to 6,917.81. The Dow Jones Industrial Average dipped 166.67 to 49,240.99, and the Nasdaq composite sank 336.92 to 23,255.19.

In the bond market, the yield on the 10-year Treasury eased to 4.26% from 4.29% late Monday.

In stock markets abroad, indexes bounced back in Asia from sharp losses the prior day.

South Korea’s Kospi surged 6.8% for its best performance since the wild days of the COVID crash and recovery in early 2020. Just a day earlier, it had tumbled 5.3% from its record for its worst day in almost 10 months. The Kospi is home to many tech stocks, including Samsung Electronics, which surged 11.4%.

Japan’s Nikkei 225 rallied 3.9%, while stocks rose 1.3% in Shanghai and 0.2% in Hong Kong.

Indexes nudged lower in Europe, with France’s CAC 40 edging down by less than 0.1%.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

Trader Ryan Falvey works on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

Specialist Joseph Maguire works at his post on the floor of the New York Stock Exchange, Tuesday, Feb. 3, 2026. (AP Photo/Richard Drew)

Specialists, from left, Dilip Patel, Glenn Carell, and Michael Pistillo work on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)

Options trader Phil Fracassini, center, works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)

A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)

People walk near an electronic stock board at a securities firm in Tokyo Tuesday, Feb. 3, 2026. (Masanori Kumagai/Kyodo News via AP)

A person walks in front of an electronic stock board at a securities firm in Tokyo Tuesday, Feb. 3, 2026. (Masanori Kumagai/Kyodo News via AP)

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)

A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 3, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 3, 2026. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 3, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 3, 2026. (AP Photo/Ahn Young-joon)

MILAN (AP) — Italy coach Gennaro Gattuso left his role by mutual consent on Friday, three days after the national team failed to qualify for a third consecutive World Cup.

The Italian soccer federation announced the news in a statement thanking Gattuso “for the dedication and passion” during his nine months in charge.

Italy’s chances of reaching this year’s tournament in North America ended on Tuesday after a penalty shootout loss to Bosnia and Herzegovina in a qualifying playoff.

“With pain in my heart, not having achieved the goal we had set ourselves, I consider my experience on the national team bench to be over,” Gattuso said.

Gattuso’s departure comes a day after Italy’s soccer federation president Gabriele Gravina resigned along with Gianluigi Buffon, who was the national team’s delegation chief.

The defeat to Bosnia added more misery for four-time champion Italy after being eliminated by Sweden and North Macedonia, respectively, in the qualifying playoffs for the last two World Cups.

Gattuso took over from the fired Luciano Spalletti in June with the squad already in crisis mode following a defeat at Norway in its opening qualifier.

Spalletti had also overseen a disappointing European Championship campaign in 2024, when titleholder Italy was knocked out in the round of 16 by Switzerland.

“I would like to thank Gattuso once again," Gravina said. "Because, in addition to being a special person, as a coach he has offered a valuable contribution, managing to bring enthusiasm back to the national team in just a few months.

“He has conveyed great pride in the national team jersey to the players and to the whole country.”

Under Gattuso, Italy went on a six-match winning streak before another loss to Norway in November to finish second in their group and end up in the playoffs again.

Gattuso had been given a contract until the end of this summer’s World Cup, with an automatic renewal until 2028 if Italy returned to soccer's biggest stage.

“The Azzurri shirt is the most precious asset that exists in soccer, which is why it is right to immediately facilitate future coaching staff decisions,” Gattuso said.

“It was an honor to be able to lead the national team and do so also with a group of boys who have shown commitment and attachment to the shirt. The biggest thanks go to the fans, to all the Italians who have never failed to show their love and support for the national team in recent months.”

Among those being mentioned to replace Gattuso are Roberto Mancini, Simone Inzaghi, Antonio Conte and Massimiliano Allegri.

Mancini coached Italy to the European Championship title in 2021 then failed to get the Azzurri to the next year’s World Cup before bolting to take over Saudi Arabia’s national team. He left that role in October 2024 and is currently coach at Al-Sadd in Qatar.

Inzaghi steered Inter Milan to the Serie A title in 2024 and now manages Saudi club Al-Hilal.

Conte coached Italy at the 2016 European Championship and is currently at Napoli.

Allegri is coach at AC Milan.

Italy will play two friendly matches in June but is unlikely to have a new coach by then, given that the election for a new FIGC president won't take place until June 22.

AP soccer: https://apnews.com/hub/soccer

Italy coach Gennaro Gattuso greets Federico Dimarco during the World Cup qualifying playoff final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP Photo/Armin Durgut)

Italy's coach Gennaro Gattuso directs his team during the World Cup qualifying playoff final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (Fabio Ferrari/LaPresse via AP)

Italy coach Gennaro Gattuso gestures from the touchline during the World Cup qualifying playoff final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP Photo/Armin Durgut)

Italy coach Gennaro Gattuso gestures from the touchline during the World Cup qualifying playoff final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP Photo/Armin Durgut)

Italy's coach Gennaro Gattuso walks off the pitch after losing in a World Cup qualifying playoff final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (Fabio Ferrari/LaPresse via AP)