US stocks closed slightly lower on Tuesday amid a drop in technology stocks.
The S&P 500 technology index dropped 0.5% on Tuesday, extending losses for the week. However, the index remains sharply higher for the quarter. Treasury yields moved higher, weighing on tech stocks.
Shares of Alibaba Group Holding Limited (NYSE:BABA) jumped over 14% on Tuesday following a report suggesting the company will be splitting into six units that may pursue individual IPOs.
Micron Technology Inc (NASDAQ:MU) posted downbeat results for its second quarter after the closing bell on Tuesday.
Major sectors on the S&P 500 closed on a mixed note, with energy and industrials stocks recording the biggest gains on Tuesday. However, communication services and health care stocks closed lower during the session.
The Nasdaq 100 fell 0.49% to close at 12,610.57 on Tuesday, amid losses in shares of Amazon.com, Inc. (NASDAQ:AMZN) and Tesla Inc (NASDAQ:TSLA).
The S&P 500 fell 0.16%, while the Dow Jones lost 0.12% to 32,394.25 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 3.1% to 19.97 points on Tuesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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