Stocks ended Tuesday’s trading session in the red, dragged down by a decline in megacap tech and chips stocks.
This came after ISM reading showed an increase in prices on the month, reigniting concerns about stubborn inflation and raise further questions around this year’s trajectory of interest rate cuts by the Fed.
In addition, don’t think it’s surprising to see Investors book some profits from megacap tech and semiconductor companies after back-to-back gains.