U.S. stocks traded lower Tuesday as investors weighed a surge in the trade gap that revealed the economy most likely contracted in the first three months of 2015. The declines Tuesday were driven largely by the technology sector and losses in biotech, with the Dow Jones Industrial Average and the Nasdaq composite falling below 18,000 and 5,000, respectively.
The Dow (INDEXDJX:.DJI) tumbled 105.3 points, or 0.5 percent, to 17,957.23. The Standard & Poor’s 500 (INDEXNASDAQ:.IXIC) lost 15.11 points, or 0.71 percent, to 2,099.18. The Nasdaq composite (INDEXSP:.INX) dropped 61.25 points, or 1.22 percent, to 4,956.25.
Declines from technology companies led the Dow lower, as iPhone-maker Apple Inc. (NASDAQ:AAPL) and chipmaker Intel Corporation (NASDAQ:INTC) dropped 1.7 percent and 1.3 percent, respectively. For the year, Apple has gained nearly 15 percent while shares of Intel have dropped 10 percent.
Shares of Microsoft Corporation (NASDAQ:MSFT), the world’s largest software company, dipped 0.7 percent.