NEW YORK (AP) — Stocks fell on Wall Street Tuesday, pulled down by losses in the same big tech companies that have been the main drivers of the market’s rally so far this year.
The downturn pulled every major index further away from the all-time highs set just last week. Losses were spread broadly throughout every sector, but technology stocks were the heaviest weights.
Palantir Technologies, which had more than doubled so far this year, fell 7.9% despite reporting results that beat analysts’ forecasts. Nvidia also reversed course from a day earlier, falling 4%, while Microsoft fell 0.5%.
The technology sector is typically the driving force behind the market’s broader movement, including its record-setting year. Huge values for companies including Nvidia and Microsoft give them outsize influence over the broader market’s direction.
The S&P 500 fell 80.42 points, or 1.2% to 6,771.55. The index set its most recent all-time high last week, and is still up more than 15% for the year.