Nasdaq 100 Falls 1.1% and S&P 500 Slides 0.3% as Tech Stocks Weaken
RIVN•The Nasdaq 100 declined 1.1% and the S&P 500 dropped 0.3% while the Dow Jones Industrial Average rose 0.2%. Semiconductor ETF SMH fell 1.2%, West Texas Intermediate crude slid 3.4% to $88.20 a barrel and both gold and silver settled at their lowest levels of the year.
1. Broad Market Performance
On Tuesday the Nasdaq 100 fell 1.1% to 29,084.50 and the S&P 500 declined 0.3% to 7,386.65 while the Dow Jones Industrial Average rose 0.2% to 50,872.11. The Russell 2000 edged up 0.1% as investors rotated out of high-valuation technology names.
2. Commodities and Sector Drivers
West Texas Intermediate crude futures lost 3.4% to settle at $88.20 a barrel, and both gold and silver reached their lowest annual closing levels. Declines in mega-cap tech and semiconductor stocks were driven by increasing expectations of further interest rate hikes and concerns over stretched AI-related valuations.
