Tech Stocks Pull Markets Lower

(MENAFN) US equity markets ended mostly in negative territory on Tuesday, weighed down by a significant drop in major technology stocks.

The Nasdaq took the biggest hit, tumbling 1.46% or 314.82 points, settling at 21,314.95.

Similarly, the S&P 500 slipped 0.59%, a decrease of 37.78 points, to close at 6,411.37. In contrast, the Dow Jones Industrial Average managed a marginal uptick of 0.02%, gaining 10.45 points to finish at 44,922.27.

Market volatility increased, with the VIX Index—often referred to as the “fear index”—climbing 3.87% to reach 15.57.

This rise signals growing investor unease, largely stemming from losses in the technology and semiconductor sectors.

Chip manufacturers and technology firms were among the hardest hit. Nvidia’s share price declined by 3.5%, while AMD and Broadcom experienced sharper declines of nearly 5.5% and 3.6%, respectively.

Other notable tech names also faced pressure: Palantir slid 9.5%, Netflix dropped approximately 2.5%, Tesla retreated 1.75%, and Meta saw a decrease of over 2%.

Conversely, Intel saw its stock price climb nearly 7%, following news that SoftBank had finalized a $2 billion investment deal with the semiconductor company.

The announcement provided a rare bright spot in an otherwise subdued tech landscape.

Outside the tech space, Home Depot gained 3.2% despite reporting quarterly revenue and earnings that slightly missed analysts’ predictions.

The retailer’s decision to uphold its full-year sales outlook appeared to reassure investors.

In policy developments, the Department of Commerce revealed on Tuesday that it had broadened its 50% tariff measures on steel and aluminum imports.

The extension now encompasses 407 additional product categories, including items composed of or incorporating steel or aluminum.

Affected goods range from fire extinguishers and construction materials to machinery and specialty chemicals.

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