S&P 500 Rally Stalls. Chip Stocks Slide After ASML Earnings.

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The S&P 500 pulled back from a record after a surprise earning release from ASML Holdings on Tuesday slammed technology stocks.

The market benchmark slid 0.8%. The Dow, which was weighed down especially by a disappointing report from its largest stock, UnitedHealth Group, fell 325 points, or 0.8%. The Nasdaq Composite dropped 1%.

The S&P 500 was on track to build on Monday’s closing high prior to an early earnings release from ASML that included an outlook that spooked investors in semiconductor stocks. Most of the S&P 500’s worst performers were chip equipment manufacturing firms and other semiconductor stocks such as Nvidia and Advanced Micro Devices.

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