On Tuesday, the S&P 500 declined, weighed down by major technology stocks, as investor optimism about the Strait of Hormuz reopening waned.
This shift in sentiment heightened ongoing concerns about the possibility of the U.S. and Iran reaching a broader resolution to their conflict.
The broader market index fell by 0.32% for the second consecutive day, closing at 7,728.20.
The Nasdaq Composite dropped 0.60% to 26,445.45, while the Dow Jones Industrial Average decreased by 184.13 points, or 0.34%, finishing at 53,791.85.
The communication services sector was the biggest laggard within the S&P 500, falling over 2%. Notably, shares of Alphabet and AppLovin declined by 3.8% and nearly 6%, respectively.
Alphabet shares have faced recent pressure, marking their fourth losing session in five, following Google’s announcement last week of a restructuring within its artificial intelligence divisions.
Source (CNBC)
