Wall Street stocks fell further on Tuesday, as worries over the tech sector and the strength of consumer spending weighed on the market, making the prospect of a Fed rate cut in December less likely.

The Dow Jones lost 578.28 points (-1.24%) to 45,965.39, the S&P 500 lost 72.34 points (-1.08%) to 6,583.84 and the Nasdaq lost 372.61 points (-1,629.24%).

The move comes as valuation concerns linger when it comes to stocks tied to artificial intelligence.

Major tech names lost ground, with Nvidia shares down 1.3 percent and Palantir Technologies down 0.4 percent in early trading.

Amazon shares fell about 2.0 percent, while Microsoft retreated 1.7 percent.

“Tech sector worries are weighing on stock prices,” said Trade Nation’s David Morrison.

He added that investors will have to “exclude the possibility of another rate cut” from the Federal Reserve next month.

Recent comments from central bank officials have many leaning towards the Fed keeping interest rates steady at its next policy meeting in December.

If so, this would mean “removing a strong tailwind for equity markets,” Morrison said.

Traders are also digesting results from US retailer Home Depot, whose earnings missed analysts’ expectations before trading opened on Tuesday.

The company, which is seen as a bellwether for US consumer spending, also cut its full-year forecast while reporting weak demand for home improvements.

Briefing.com’s Patrick O’Hare noted that the firm’s results “raised concerns about a slowdown in discretionary spending.”

Its shares fell 3.2 percent.

Later this week, investors will watch financial results from retailers Target and Walmart along with a report from chip titan Nvidia to further gauge consumer health.