U.S. technology shares came under pressure on Tuesday as rising oil prices and renewed inflation worries dampened sentiment in the broader market.
The Nasdaq 100 fell 1.1% to 29,133 points in early trade, extending losses after oil prices climbed. The S&P 500 declined 0.4% to 7,657 points, while the Dow Jones Industrial Average slipped to 53,152 points. Tech stocks, which are particularly sensitive to interest rate expectations, led the declines.
The upward move in oil prices followed reports of attacks on crude oil tankers in the Strait of Hormuz, undermining hopes of a swift easing of regional shipping disruptions. Commerzbank analyst Carsten Fritsch noted that the recent spike in oil prices had eroded last week’s optimism about a potential reopening of the key maritime route.
The broader market had already retreated at the start of the week, though the Nasdaq 100 had managed a modest gain on Monday.
