Home Tech Stocks mixed as tech-led drop extends, crude oil steadies

Stocks mixed as tech-led drop extends, crude oil steadies

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Stocks were mostly lower Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.

The S&P 500 ticked down. A day earlier, the blue-chip index had set an all-time intraday high before pulling back to end in the red, with a drop in technology stocks weighing. 

U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose after dropping more than 1% earlier in the morning. The move came after the White House announced it would be releasing a total of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply. 

Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage…

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