Technology stocks experienced a decline on Tuesday following a hotter-than-anticipated inflation report, which led to an increase in yields. The yield on the 10-year Treasury note rose by 9 basis points to 4.261%.
Leading technology giants were among the hardest hit, with Advanced Micro Devices, Nvidia, Microsoft, Amazon, and Meta Platforms all experiencing a decline of approximately 2% each.
Apple and Alphabet also saw drops of more than 1% each.
Both semiconductor and software stocks performed below expectations, with Salesforce and Oracle witnessing declines of over 2% each. Arista Networks saw a 5% decrease, while Marvel Technology dropped by 3%.
The Nasdaq Composite, which has a significant weighting towards technology stocks, experienced a decline of 1.5%.
