Pullbacks in big technology companies sent indexes lower on Wall Street.
The S&P 500 fell 1.4% Tuesday. The selling was concentrated in AI-related companies that have had huge run-ups in recent months and sent the market to record after record, most recently in early June. Investors are becoming worried that the growing likelihood of interest rate hikes this year to fight inflation will weigh on economic growth.
The Nasdaq fell 2.2%. The Dow, which has less weighting in tech, held up better with a drop of just 0.1%. Chip companies, which have soared in recent weeks, sank. Micron Technology lost 13.2%.
On Tuesday:
The S&P 500 fell 107.33 points, or 1.4%, to 7,365.46.
The Dow Jones Industrial Average fell 45.87 points, or 0.1%, to 51,666.84.
The Nasdaq composite fell 579.56 points, or 2.2%, to 25,587.04.
The Russell 2000 index of smaller companies fell 28.92 points, or 1% to 2,975.48.
For the week:
The S&P 500 is down 135.12 points, or 1.8%.
The Dow is up 102.14 points, or 0.2%.
The Nasdaq is down 930.89 points, or 3.5%.
The Russell 2000 is down 4.29 points, or 0.1%.
For the year:
The S&P 500 is up 519.96 points, or 7.6%.
The Dow is up 3,603.55 points, or 7.5%.
The Nasdaq is up 2,345.05 points, or 10.1%.
The Russell 2000 is up 493.57 points, or 19.9%.
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