Stocks were lower across the board Tuesday, with tech shares slumping after Dutch microchip-equipment maker ASML warned that a recovery will take longer than expected.
“While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected,” said President and Chief Executive Officer Christophe Fouquet in a statement.
ASML shares dropped nearly 12%, while chip maker Nvidia Corp. dropped 4.3%. The Technology Select Sector SPDR ETF, which tracks the S&P 500 tech sector, dropped 1.5%.
The S&P 500 gave up an earlier gain to decline 0.3%, while the tech-heavy Nasdaq Composite shed 0.8%.