Stocks fell for a second day on Wednesday, pressured by declines in tech and bank shares, pausing a sharp rally to start off June.
The Dow Jones Industrial Average dipped 50 points while the S&P 500 traded 0.2% lower. The Nasdaq Composite lagged, sliding 0.4%.
Tech shares were dragged down by chip stocks. The VanEck Vectors Semiconductor ETF (SMH) dropped 1.9% as Lam Research lost 5%. Applied Materials, KLA-Tencor and Teradyne also fell. Semiconductor stocks were pressured after an Evercore ISI analyst said a recovery in the space will likely be pushed back to the second half of 2020.
Facebook shares dropped more than 1% after a Wall Street Journal report showed the company uncovered emails linking CEO Mark Zuckerberg to the company’s privacy practices.
Wednesday’s declines come after muted trading action in the previous session. The Dow closed marginally lower on Tuesday, snapping a six-day winning streak.