S&P 500 Declines Amid Tech Sector Sell-Off

The S&P 500 index decreased by 0.8% on Tuesday, continuing a tech sell-off that began the previous session. The Nasdaq Composite fell by 1.2%, while the Dow Jones Industrial Average remained near the flatline. Tech stocks, particularly memory chip-related shares, experienced significant declines, with Micron Technology down 11% and SK Hynix dropping over 12%. Despite these losses, some tech stocks outside of chipmakers, such as Microsoft and Amazon, as well as defensive stocks like Walmart and Procter & Gamble, saw gains. The Nasdaq had already lost 1.3% on Monday, primarily due to declines in Alphabet's shares. In Asia, South Korea's KOSPI index fell nearly 10%, while Japan's Nikkei 225 dropped 3.55%. European markets also saw declines, with the pan-European Stoxx 600 down 1%. The Stoxx 600 Technology index led the losses, falling 3%. The iShares China Large-Cap ETF reached a new 52-week low, down 22% from its high. Additionally, shares of SpaceX fell below $150, marking a decline of over 26% since its debut. U.S. President Donald Trump attempted to reassure investors regarding shipments through the Strait of Hormuz, stating that Iran had agreed to inspections and that the strait would remain open. However, tensions between the U.S. and Iran continue to impact global markets. AMC Entertainment shares fell nearly 23% after announcing a stock sale to institutional investors.