U.S. tech stocks pull back, dragging indexes a bit further below their latest records

U.S. stock markets opened lower Tuesday as tech stocks reversed recent gains, dragging indexes like the S&P 500 (down 0.4%) and Nasdaq (down 0.6%) further from their all-time highs. The Dow Jones Industrial Average lost 250 points, reflecting broader market caution amid rising Treasury yields and uncertainty over the Iran war, which has kept crude oil prices volatile above $100 per barrel. Crude oil prices dipped slightly but remained elevated, with U.S. benchmark crude at $103.97 and Brent at $111.15, after tensions in the Strait of Hormuz disrupted global supply chains. Gasoline prices also climbed to $4.53 per gallon, up 43% from last year, as the unofficial U.S. driving season began. The conflict’s escalation has pressured markets, though a potential de-escalation was hinted at by former President Donald Trump’s social media post delaying a planned military strike. Investors are closely watching Nvidia’s first-quarter earnings report, set for Wednesday, as the chipmaker’s stock fell modestly in premarket trading despite its history of surpassing expectations. Other corporate updates this week include Home Depot’s results, which beat forecasts despite lower annual profits, and upcoming earnings from Target and Walmart. Global markets showed mixed performance, with European indexes like France’s CAC 40 (up 0.8%) and Germany’s DAX (up 1.4%) rising, while Asian markets were split. Japan’s Nikkei 225 fell 0.4% after strong economic growth data, but South Korea’s Kospi dropped 3.3%, led by declines in Hyundai (down 8.9%) and Samsung Electronics (down 2.0%). Australia’s S&P/ASX 200 and Hong Kong’s Hang Seng also climbed modestly, contrasting with the U.S. tech sell-off.