S&P 500 and Nasdaq close lower as chip stock rebound fails

Overview

The S&P 500 and Nasdaq Composite dropped on Tuesday, even as oil prices pulled back, as a surge in chip stocks lost momentum after a one-day rally.

The broad market index fell 0.26% to close at 7,386.65, while the Nasdaq Composite moved down 0.97% to 25,678.82. The Dow Jones Industrial Average gained 86.10 points, or 0.17%, to end at 50,872.11.