S&P 500 drops for second day as tech slides

New York [US], August 12: Major US stock indices closed lower on Tuesday, weighed down by technology sell-offs and rising oil prices amid persistent geopolitical uncertainty surrounding the Strait of Hormuz.
The S&P 500 fell 0.32 percent to 7,728.20, while the tech-heavy Nasdaq Composite dropped 0.60 percent to 26,445.45 and the Dow Jones Industrial Average shed 184.13 points, or 0.34 percent, to close at 53,791.85.
Losses were led by the communication services and technology sectors, with Alphabet falling 3.8 percent and Apple dropping over 1 percent. Meanwhile, crude prices rose over 1 percent as Iranian statements over the Strait of Hormuz dampened hopes for an immediate resolution, leaving investors focused on upcoming US inflation data for interest rate cues.
Source: Emirates News Agency