04:01 PM EDT, 08/19/2025 (MT Newswires) -- US equity indexes fell ahead of the close on Tuesday as a decline in the so-called Magnificent 7 tech giants pushed technology and communication services sharply lower.

The Nasdaq Composite dropped 1.5% to 21,307.1 following an intraday decline in six Mag-7 stocks, including Nvidia ( NVDA ) , which was down 3.3%. The S&P 500 fell 0.7% to 6,405.8, and the Dow Jones Industrial Average declined 0.2% to 44,857.8.

On Tuesday, US Secretary of Commerce Howard Lutnick confirmed that the Trump administration is seeking a stake in Intel ( INTC ) , CNBC reported. Lutnick cited national security concerns as the reason behind the potential investment. The government may convert part of its previously committed $8 billion in CHIPS Act grants into an equity investment of up to 10% in Intel ( INTC ), a UBS Securities note cited media reports.

Separately, Intel ( INTC ) will receive a $2 billion equity investment from SoftBank Group at $23 per common share, the companies said. Shares of the chipmaker jumped 6.5%, the top gainer on the S&P 500 and the Nasdaq.

In exchange for lifting export restrictions, Nvidia ( NVDA ) and AMD (AMD) recently agreed to pay 15% of their revenue to the US government from specific artificial intelligence chips sold to China.

In earnings news, Home Depot ( HD ), kicking off quarterly results of bulge-bracket retailers, reported higher fiscal Q2 adjusted earnings and net sales on Tuesday. Shares jumped 3.1% intraday, the top gainer on the Dow.

In geopolitical news, the US could offer air support to Ukraine in the form of defence assistance in the event of a peace deal with Russia, but not send US troops to Ukraine to enforce a peace deal, according to media reports. CNN cited a White House official saying that specifics of what security guarantees will look like are the subject of ongoing negotiations between the US, European allies, and Ukraine.

Plans for a bilateral meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky are now underway, CNN cited the White House press secretary, Karoline Leavitt. Earlier, the Kremlin refused to commit to a meeting but stopped short of ruling out further talks.

West Texas Intermediate crude oil futures dropped 1.3% to $62.58 a barrel.

Gold futures fell 0.5% to $3,360.1 per ounce, and silver futures dropped 2% to $37.26.

Most US Treasury yields fell, with the 10-year yield down 3.5 basis points to 4.31% and the two-year rate slid 2.5 basis points to 3.75%.