On Tuesday, the S&P 500 stock index decreased slightly, primarily due to declines in technology stocks and rising oil prices.
Investors were reacting to a report showing that the annual consumer price index (CPI) for April was higher than expected, indicating increased inflation.
The S&P 500 fell by 0.16%, closing at 7,400.96 points. The Nasdaq Composite, which mostly includes technology stocks, dropped by 0.71% to 26,088.20 points.
Meanwhile, the Dow Jones Industrial Average slightly increased by 56.09 points, or 0.11%, ending the day at 49,760.56 points.
One notable stock, Micron Technology, had been a strong performer on Monday, helping push the S&P 500 and Nasdaq to record highs.
However, it reversed course on Tuesday, falling by 3.6%.
Micron’s stock had surged over 37% last week and about 53% last month due to a rally in memory chip prices.
Source (CNBC)
