The S&P 500 and NASDAQ dropped on Tuesday, even as oil prices pulled back, as a surge in chip stocks lost momentum after a one-day rally.
The Dow Jones Industrials recovered 84.93 points to 50,870.84.
The much-broader index parted with 19.29 points to 7,386.44.
The tech-heavy NASDAQ stumbled 250.84 points, or 1%, to 25,678.82.
Micron Technology dropped almost 5% after Monday’s 10% comeback. The shares tumbled about 20% in two days last week, including a
13% rout on Friday. Broadcom, which had an equally steep two-day drop last week, fell more than 2% as Monday’s rebound fizzled.
West Texas Intermediate crude futures lost 3% to trade under $90 a barrel at around $88 after U.S. Energy Secretary Chris Wright said that Strait of Hormuz ship traffic is “rising very meaningfully.”
The move also comes after President Donald Trump said that a deal between the U.S. and Iran could be reached in “two or three days” that reopens the Strait of Hormuz “immediately.”
The move also comes after President Donald Trump said that a deal between the U.S. and Iran could be reached in “two or three days” that reopens the Strait of Hormuz “immediately.”
Prices for the 10-year Treasury moved upward, lowering yields to 4.53% from Monday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.93 to $88.37 U.S. a barrel.
Gold prices tumbled $87.50 to $4,275.900 U.S. an ounce.
