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Stock market today: US stocks fall as tech, rate-cut doubts creep in

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Uncertainty over Fed interest rate cuts and the continued strength of tech stocks has brought caution to the market.

US stocks slid on Tuesday, pulling further back from record highs as uncertainty over interest rate cuts and the continued strength of tech stocks brought a note of wariness to the market. The S&P 500 slipped about 0.4%, while the Dow Jones Industrial Average moved roughly 0.3% lower after a losing start to the week. Contracts on the tech-heavy Nasdaq Composite sank around 0.8% as a continued retreat in Apple and Tesla continued to drag on stocks more widely.

Tesla continued to slump as a shutdown at its Berlin Gigafactory added to concerns over a shipment slump and a Chinese price war. At the same time, faith in coming easing by the Federal Reserve took a knock after comments by policymaker Raphael Bostic. The Atlanta Fed president said he sees just one rate cut this year, penciled in for the third quarter. Investors are now even more focused on Fed Chair Jerome Powell's testimony to Congress on Wednesday.

 

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