Tech Sell-Off Weighs on US Stocks as Oil Prices Rise
US stocks extended losses for their second consecutive day on Tuesday, August 12th, as technology and communication services shares retreated.
The S&P 500 dropped 0.32 per cent to 7,728.20, the Nasdaq Composite fell 0.60 per cent at 26,445.45, and the Dow Jones Industrial Average declined by 0.34 per cent at 53,791.85.
The sell-off in tech and communication services names outweighed gains elsewhere, with Alphabet plummeting 3.8 per cent and AppLovin nearly 6 per cent.
Nvidia's early gains were surrendered to finish near the flat line despite unveiling a partnership with six large asset managers to mobilise more than $500 billion for artificial-intelligence infrastructure.
Apple fell by more than 1 per cent. Meanwhile, crude benchmarks advanced amid ongoing tensions around the Strait of Hormuz, with US West Texas Intermediate settling up 1.3 per cent at $83.20 a barrel and Brent rising 1.4 per cent to $88.91.