S&P 500 slips as inflation sparks tech sell‑off
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- S&P 500 slipped from its record high on Tuesday after inflation data came in hotter than expected.
- Nasdaq ended its 12‑day winning streak, retreating amid the inflation surprise.
- Dow Jones rose despite the broader market pullback, indicating defensive buying.
- Chip sector lost momentum, with the rally taking a breather as investors digested the inflation report.
- Inflation numbers were hotter than forecasts, prompting a tech‑focused sell‑off.
Why it matters: Growth‑oriented investors see portfolios shrink as tech and semiconductor stocks tumble, while defensive industrial stocks gain, reshaping asset allocation toward the Dow’s sectors and prompting fund managers to tilt toward safer equities.
