NEW YORK — The S&P 500 fell nearly 1 percent on Tuesday as weakness in technology stocks weighed on the broader market, according to market data.
The decline came amid ongoing pressure on major technology and semiconductor companies following a sharper selloff earlier in the month. The tech-heavy Nasdaq Composite also posted losses, while the Dow Jones Industrial Average showed more modest movement.
Trading on Wall Street reflected investor caution after recent volatility tied to stronger-than-expected U.S. jobs data and concerns over interest rate expectations. The S&P 500 technology sector was among the weakest performers, with several large-cap names contributing to the index's drop.
Details of the exact percentage decline and specific company moves remained subject to final market close figures. Market participants cited profit-taking in high-valuation tech stocks as a factor, though broader economic indicators continued to show resilience in areas outside technology.
The pullback follows a period of strong gains for the S&P 500, which had hit record highs in recent weeks driven largely by technology sector momentum. Earlier in the session, trading was mixed as investors monitored developments in corporate earnings and macroeconomic data.
Analysts have pointed to shifts in expectations for Federal Reserve policy as contributing to the environment for tech shares. A strong May jobs report released last week had raised the prospect of higher-for-longer interest rates, pressuring growth-oriented stocks.
"Investors are reassessing valuations in the technology space after the recent run-up," one market strategist said, speaking on condition of anonymity.
The performance comes as other sectors, including consumer staples, showed relative strength. Volume was in line with recent averages, with no major disruptions reported on the exchange floor.
As of late Tuesday, major indexes were on track to close with losses for the session. Market attention now turns to upcoming economic data releases and corporate earnings reports expected in the coming days. Further details on sector rotations and year-to-date performance will become clearer with the completion of trading.
