Tech stocks pull Wall Street lower as gold and silver prices bounce back

2 weeks ago 3

By STAN CHOE, AP Business Writer

NEW YORK (AP) — The U.S. stock market sank in mixed trading on Tuesday, while gold and silver bounced higher after their latest sell-off.

The S&P 500 fell 0.8% and pulled further from its all-time high set last week. The Dow Jones Industrial Average dipped 166 points, or 0.3%, and the Nasdaq composite sank 1.4%.

Several influential Big Tech stocks weighed on the market, including drops of 2.8% for Nvidia and 2.9% for Microsoft. Such giants have been hampered by worries that their stock prices shot too high and became too expensive following their yearslong dominance of the market.

Stocks of software companies and others seen as potential losers to competitors powered by artificial intelligence also slumped. ServiceNow fell 7% to bring its loss for the young year so far to 28.3%.