US Tech Stocks Fall and Oil Rises as UAE Quits OPEC
U.S. tech shares fell Tuesday as chip stocks retreated and oil prices climbed. The UAE announced its exit from OPEC while global bond yields continued to rise.
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The United States Nasdaq fell 0.9% on Tuesday as semiconductor stocks dropped 3.6% ahead of major technology earnings. The Philadelphia SE Semiconductor Index had risen 40% in April, its highest monthly gain since 2000. Investors are now reassessing valuations as artificial intelligence spending is projected to reach $600B.
