S&P 500 closes lower under pressure from tech selloff

Reuters reports that the S&P 500 and the Nasdaq closed lower on Tuesday, while the Dow Jones ended the trading session higher. 

The S&P 500 fell 6.94 points, or 0.11%, to 6,198.01, and the Nasdaq Composite lost 166.84 points, or 0.82%, to trade at 20,202.89. At the same time, the Dow Jones Industrial Average gained 400.17 points, or 0.91%, and hit 44,494.94. 

A sell-off in several large-cap tech stocks has left markets vulnerable to sharp price swings. The NYFANG index, which tracks the 10 largest tech names, dipped 1.8%, the news agency says.

Tesla shares suffered losses as the conflict resurged between the company’s CEO Elon Musk and US President Donald Trump. Shares fell 5.4% after the latter threatened to cut off federal subsidies to Tesla. 

Meanwhile, the American president’s statements on tariff policies boosted investor optimism. Trump said the July 9 deadline for concluding trade deals with the US would not be extended. This eased market participants' fears about prolonged uncertainty.