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WALL STREET CHOPPY WITH SOFTWARE, COMMUNICATIONS STOCKS WEIGHING

The main U.S. indexes are mixed and little changed early on Tuesday with Microsoft MSFT.O going into reverse after Monday's steep rally and Alphabet GOOGL.O adding pressure as investors react to an $80 billion spending plan for artificial intelligence.

Meanwhile, Iran is reviewing a proposed agreement with the U.S., but has not communicated with Washington for a few days, Iranian media reported on Tuesday. U.S. President Donald Trump said negotiations were ongoing.

Microsoft was the biggest drag for the benchmark S&P 500 index .SPX with a loss of about 3%. Alphabet shares pared some losses but were still down more than 1%.

The biggest percentage decliner in the S&P 500's weakest industry sector on the day, communication services .SPLRCL, is Trade Desk TTD.O, which is tumbling more than 7% after it announced a former Logitech International executive, Nate Olmstead, as its chief financial officer, replacing chief accounting officer Tahnil Davis, who was the interim CFO.

And looking to snap a phenomenal three-session winning streak, both the S&P 500 Software & Services Index .SPLRCIS and the broader iShares Expanded Tech-Software ETF IGV.N are down more than 3% on the day.

In contrast, however, the S&P 500 Technology Index .SPLRCT is among the stronger sectors. Its biggest advancer is Hewlett Packard Enterprise HPE.N, rallying 25% to record levels after a rosy quarterly report that put it on track to hit long-term financial targets two years ahead of schedule, thanks to strong demand for its AI servers used in data centers.

Its biggest index point boost is from chip giant Nvidia NVDA.O, which is up more than 2%. Speaking of NVDA, the PHLX Semiconductor Index .SOX is rallying 4%, and its biggest gainer is Marvell Technology MRVL.O, up more than 23%, after Nvidia's NVDA.O CEO Jensen Huang called the chipmaker the next "trillion-dollar company."

Here is an early market snapshot:

(Sinéad Carew)

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