NASDAQ, S&P 500 driven lower by weaker tech sector

Most US stock indexes fell on Tuesday as pressure on the technology sector persisted and investors awaited the official end of the government shutdown.

Data released by ADP showed that the US private sector lost an average of 11,250 jobs per week over the four weeks ending October 25.

Federal Reserve member Steven Miran reiterated on Monday his call for further interest rate cuts to help prevent a potential future slowdown.

In an interview with CNBC, Miran maintained his view that the Fed should move faster than its typical quarter-point pace, once again advocating for a 50-basis-point (half-point) cut, while stressing that at minimum there should be a quarter-point reduction.

He said, “Nothing is certain. We could get data that makes me change my mind between now and the decision date. But absent new information that shifts my outlook, looking ahead, yes — I still think 50 basis points is appropriate, but at least 25.”

The remarks came as the US Senate made significant progress, with Republicans and Democrats reaching an agreement on a bill to fund the government through January 30 — a move that paves the way to end the record-long shutdown that began in early October.

As of 16:00 GMT, the Dow Jones Industrial Average rose 0.4% (170 points) to 47,540, while the S&P 500 fell 0.3% (20 points) to 6,811, and the Nasdaq Composite dropped 0.8% (185 points) to 23,342.