As investors awaited back-to-back inflation data this week, Wall Street stocks tumbled on Tuesday due to earnings warnings from tech companies.
The recent rise in share prices may have motivated investors to cash out before the government reports on July consumer prices on Wednesday and producer prices on Thursday.
The data are expected to show monthly inflation slowing from June, but the annual pace is likely to remain near 40-year highs.
We are very concerned about tomorrow's inflation numbers, Thursday's, and even Friday's consumer sentiment numbers," said Tom Cahill of Ventura Wealth Management.
“I think there is a little profit taking going on between now and the end of the week, since a lot of profit has been made in the past couple of weeks,” he told AFP.
As the trading session began, all three major indices opened in the red and remained in the red throughout the day.
As Micron Technologies warns of downbeat revenue due to ongoing global supply snarls following a similar warning by Nvidia, the tech-rich Nasdaq Composite Index fell 1.2 percent to finish at 12,493.93
The Dow Jones Industrial Average fell 0.2 percent to 32,774.41, while the S&P 500 declined 0.4 percent to 4,122.47.
In addition to announcing a US$40 billion investment in the US chip industry, Micron lost 3.7 percent, and Nvidia lost 3.9 percent. AFP
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