Wall Street loses ground under the weight of falling technology stocks

Market Overview - Wall Street experienced losses as influential technology stocks declined, impacting the broader market direction [1][2] - The S&P 500, Dow Jones Industrial Average, and Nasdaq composite are at risk of breaking a three-week winning streak due to these losses [1] Index Performance - The S&P 500 fell by 75.97 points (1.1%) to 6,720.32 [2] - The Dow decreased by 398.70 points (0.8%) to 46,912.30 [2] - The Nasdaq dropped by 445.80 points (1.9%) to 23,053.99 [2] Key Influencing Stocks - Nvidia's stock fell by 3.7%, and Microsoft's decreased by 2%, significantly affecting market direction due to their large market capitalizations [2] - Amazon's stock also declined by 2.9%, contributing to the overall market downturn [2] Corporate Earnings and Forecasts - Corporate earnings and forecasts are a major focus for Wall Street, providing insights into the economy amid limited information due to the government shutdown [3][6] - The ongoing government shutdown has resulted in a lack of broader economic data, including inflation and employment statistics [3][7] Notable Company Movements - DoorDash's stock plummeted by 17.5% after announcing increased spending on product development [4] - CarMax's stock fell by 24.3% following a disappointing financial update and the announcement of CEO Bill Nash's departure [4] - Datadog's stock surged by 23.1% after exceeding analysts' earnings forecasts [4] - Rockwell Automation's stock rose by 2.7% after reporting results that surpassed analysts' expectations [4] Market Sentiment - Concerns about stock overvaluation are growing, particularly for major technology companies that have driven market gains amid advancements in artificial intelligence [5][6] - The current earnings reports are being closely monitored to assess whether the high valuations in the stock market are justified [6]