The tech-heavy Nasdaq fell on Tuesday after a dismal forecast from Micron Technology dragged chip and technology stocks lower, while investors remained cautious ahead of inflation data that will feed into the U.S. Federal Reserve's rate-hike plans.
A high inflation print on Wednesday, following last week's strong jobs numbers, will likely push the Fed to continue with jumbo rate hikes and weigh on a recent recovery in stocks.
Traders see a 70% chance of the Fed raising interest rates by 75 basis points in September, its third such big hike. IRPRRate-sensitive growth and technology stocks slipped as U.S. Treasury yields climbed, with megacaps such as Alphabet Inc
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