Dow, Nasdaq Fall Over 400 Points as Tech Resumes Losses

This morning's gains didn't last, with the Dow Jones Industrial Average (DJI) and tech-heavy Nasdaq Composite (IXIC) each last seen down over 400 points. AI overvaluation concerns are back on the table, following upbeat earnings from Qualcomm (QCOM) and reports that SoftBank Group may take over chipmaker Marvell Technology (MRVL). A dismal jobs report from Challenger, Gray & Christmas is also pressuring sentiment, as Wall Street keeps an eye on the Supreme Court's tariff ruling.

Continue reading for more on today's market, including: 

Xpeng Inc (NYSE:XPEV) stock is seeing unusual options activity today, with 78,000 calls exchanged so far today -- 6 times the volume that is typically seen at this point -- compared to only 8,272 puts. The most popular contract is the weekly 11/14 24-strike call. XPEV is up 9.3% to trade at $23.83 at last glance, following news that the China-based electric vehicle (EV) giant will partner with Alibaba (BABA) to launch a robotaxi service next year. The security sports an impressive 99% lead for 2025, and is up 9.2% to trade at $23.80 at last check, well on its way to its best day since August.

Cummins Inc (NYSE:CMI) stock is near the top of the SPX today, last seen up 6.7% to trade at $468, after the engine manufacturer announced a third-quarter earnings and revenue beat. CMI earlier surged to a record high of $482.53, and has amassed a 53% lead in the last six months, amid long-term support from its ascending 60-day moving average.

DoorDash Inc (NASDAQ:DASH) stock is the worst performer on the SPX today, down 14.9% to trade at $202.48 at last glance. The food delivery company announced a third-quarter profit miss, in addition to issuing disappointing fiscal fourth-quarter forecast. The stock attracted at least 12 price-target cuts in response, including one from Barclays to $238 from $272. While the shares still carry a 20.8% year-to-date lead, they are now trading at their lowest level since May.