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Wall Street ends down with tech; investors assess bank comments

29 March 2023 09:20 (UTC +04:00)

U.S. stocks ended slightly lower on Tuesday as investors weighed comments from a top U.S. regulator on struggling banks and sold shares of technology-related names after their recent strong run.

Michael Barr, the Federal Reserve's top banking regulator, told a Senate panel that Silicon Valley Bank did a "terrible" job of managing risk before its collapse.

Shares of Apple (AAPL.O) and Microsoft (MSFT.O) along with other technology-related shares ended down and were among the biggest drags on the S&P 500.

The S&P 500 technology index (.SPLRCT) was down 0.5% on Tuesday, extending this week's declines, but remains up sharply for the quarter.

The Dow Jones Industrial Average (.DJI) fell 37.83 points, or 0.12%, to 32,394.25, the S&P 500 (.SPX) lost 6.26 points, or 0.16%, to 3,971.27 and the Nasdaq Composite (.IXIC) dropped 52.76 points, or 0.45%, to 11,716.08.