Losses for Big Tech pull Wall Street lower after reaching records
NEW YORK (AP) — Stocks fell on Wall Street Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year.
The downturn pulled every major index further away from the all-time highs set just last week. Losses were spread broadly throughout every sector, but technology stocks were the heaviest weights.
Palantir Technologies, which had more than doubled so far this year, fell 7.9% despite reporting results that beat analysts’ forecasts. Nvidia also reversed course from a day earlier, falling 4%, while Microsoft fell 0.5%.
The technology sector is typically the driving force behind the market’s broader movement, including its record-setting year. Huge values for companies including Nvidia and Microsoft give them outsize influence over the broader market’s direction.
The S&P 500 fell 80.42 points, or 1.2% to 6,771.55. The index set its most recent all-time high last week and is still up more than 15% for the year.
The Dow Jones Industrial Average fell 251.44 points, or 0.5%, to 47,085.24. The technology heavy Nasdaq fell 486.09 points, or 2%, to 23,348.64.
Wall Street remains focused on corporate earnings. Roughly three out of every four companies within the S&P 500 have reported their latest results, which have been mostly better than analysts expected.
Treasury yields edged lower in the bond market. The yield on the 10-year Treasury edged down to 4.09% from 4.10% late Monday.

