US Stocks Decline Amid Tech Losses and Rising Treasury Yields
The US stock market experienced a decline on Tuesday as the Dow Jones Industrial Average (DJIA) and S&P 500 fell. The DJIA dropped by 131.59 points, or 0.3%, to 51,349.92 while the S&P 500 shed 12.85 ticks, or 0.2%, to 7,670.84. The Nasdaq Composite Index also gave up ground, losing 22.84 points, or 0.1%, to 26,797.54.
The decline was largely driven by losses in tech stocks such as Apple (AAPL), which fell 2.7% after BofA Securities warned that the company may face a potential loss of service revenue from Meta's new personal AI agent Muse. Tesla (TSLA) also declined, shedding another 1.3% to $352.84.
However, some tech stocks managed to buck the trend and rise on Tuesday. Oracle (ORCL) gained 3.9% after announcing a deal to integrate NetApp's storage into its cloud infrastructure. Corning (GLW) also rose 4.7% after securing a $3 billion contract to supply AT&T with fiberoptics and cable for internet service.
The decline in the US stock market was partly offset by gains in other sectors, including energy stocks which were boosted by news that Saudi Arabia had significantly resumed use of an oil pipeline damaged during the US-Iran War. However, rising US Treasury yields continued to weigh on the market, with the 30-year yield reaching its highest level since at least 2002.