US markets fall as tech stocks drag global markets lower
Business
US markets had a rough Tuesday, with tech stocks dragging everything down. The S&P 500 dropped 2.1% and the Nasdaq-100 slid 3.9%, while the Dow dipped 1%.
This wasn't just a US thing: global markets also fell, as investors got nervous about pricey stocks and big IPOs on the horizon.
Semiconductors tumble 8% amid IPO concerns
Semiconductor shares, which were hot thanks to AI hype, tumbled 8%, a big turnaround from their recent highs.
Upcoming IPOs like SpaceX are making people wonder if there's too much new stock for the market to handle right now.
Still, not all news was bad: more than 300 shares in the equity benchmark actually rose, showing that some investors are shifting money into other sectors while tech stocks took some of the hardest hits.