NEW YORK (AP) — The U.S. stock market gave back more of its record-setting rally Tuesday after bond markets rattled by high inflation cranked up the pressure.
The S&P 500 fell 0.7% for its third straight loss since setting its latest all-time high. The Dow Jones Industrial Average dropped 322 points, or 0.6%, and the Nasdaq composite sank 0.8%.
The declines followed mixed moves for stock markets abroad, while oil prices eased in their latest yo-yo move. Falling technology stocks in Asia dragged South Korea’s Kospi down 3.3%, but Germany’s DAX returned 0.4%.
Tech stocks are faltering following huge runs made because of excitement around artificial-intelligence technology, runs that critics said made them too expensive. The stumble comes as oil prices swing on uncertainty about how long the Iran war will keep the Strait of Hormuz closed for oil tankers. That in turn has pushed yields higher in bond markets, which is dragging on economies and pressuring all kinds of other investments.
The wait is on, meanwhile, for Nvidia to report its latest quarterly results. The chip company is due to report on Wednesday, and it’s routinely blown past analysts’ expectations each quarter. Not only that, it’s provided forecasts for future growth that have consistently topped Wall Street’s.