U.S. stocks fell for a second day on Tuesday as the rotation out of relatively higher-priced technology shares intensified.
The Dow Jones Industrials continued their downward trend, unloading 410.91 points, or 1.2%, to 34,331.91,
The S&P 500 retreated 44.78 points, or 1.1%, to 4,143.65.
The NASDAQ Composite stumbled 145.86 points, or 1.1%, to 13,256.
Big Tech stocks were all in the red once again Tuesday. Apple dropped more than 2%, while Facebook, Alphabet and Amazon were all down more than 1%.
Tesla shares, the poster boy for growth stocks with lofty valuations and expectations, fell nearly 4%. A Reuters report that the electric carmaker halted plans to expand its Shanghai plant into an export hub, also aided the decline.
The market will face a key test on Wednesday with the release of inflation data. Investors fear a scenario where the Federal Reserve is forced to cut back its easy money policies to curb inflation, before the economy has fully recovered from the pandemic.
Prices for 10-Year Treasurys lost ground, raising yields to 1.62% from Monday's 1.60%. Treasury prices and yields move in opposite directions.
Oil prices regained 26 cents to $65.18 U.S. a barrel.
Gold prices lost $7.40 to $1,830.20 U.S. an ounce.