Investing.com – U.S. stocks closed lower on Tuesday, as the ‘tech tumble’ continued for a second-straight session, with large-cap tech stocks falling more than 1% while political uncertainty weighed on sentiment after the Senate delayed a health-care vote.
Sentiment soured on equities, after reports surfaced that the Senate will delay voting on a bill to repeal and replace Obamacare until after the July 4 recess.
The delay, fuelled fears about a delay to the Trump administration’s plan to implement tax reform, widely seen as pro economic growth measure, as President Donald Trump has said that he wanted to repeal and replace Obamacare before moving ahead with tax reform.
Elsewhere a more than 2% slump in shares of Alphabet (NASDAQ:GOOGL) set the tone for the wider tech sector, after the EU fined Google a record $2.7 billion, as regulators ruled that the company violated antitrust rules.
Facebook, Netflix, and Amazon closed more than 1.5% lower.
On the economic data front, consumer confidence topped expectations, rising to 118.9, The Conference Board said Tuesday.
Meanwhile, energy stocks continued to weigh on the broader market, despite a surge in oil prices on Tuesday.
On the New York Mercantile Exchange crude futures for August delivery rose 2% to settle at $44.24 a barrel, as traders looked ahead to inventory data expected to show U.S. crude stockpiles fell for the third-straight week.
The Dow Jones Industrial Average closed at 21,310.66. The S&P 500 closed 0.81% lower while the Nasdaq Composite closed at 6146.62, down 1.61%.
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: JPMorgan Chase & Co (NYSE:JPM) up 0.9%, Wal-Mart Stores Inc (NYSE:WMT) up 0.7%, while Home Depot Inc (NYSE:HD) rose 0.5%.
Verizon Communications Inc (NYSE:VZ) down 2%, Microsoft Corporation (NASDAQ:MSFT) down 1.9% and Cisco Systems Inc (NASDAQ:CSCO) down 1.5%, were among the worst Dow performers of the session.