Tech Concerns Hit US Markets

Shares of large tech companies tumbled on Tuesday ahead of big earnings announcements from the sector as US stocks finished a choppy session mostly lower.

The tech-rich Nasdaq Composite Index finished 0.8 percent lower at 7,028.

The Dow Jones Industrial climbed 0.2 percent to 24,580, while the broad-based S&P 500 shed 0.2 percent to 2,640.

The lackluster session came after the Conference Board reported the third straight month of declining consumer confidence in January.

Apple, which has warned of weak sales in China, dropped one percent ahead of its earnings release later on Tuesday. Amazon, Microsoft, Facebook all lost at least two percent ahead of results later this week.

The declines suggested investors remain wary of the sector after chip company Nvidia on Monday also cited weakness in China in cutting its outlook.

Besides a heavy earnings calendar, investors are anticipating Wednesday's Federal Reserve policy announcement.

The Fed has in recent weeks signaled a cautious approach to lifting interest rates, a key factor in the market's rally since late December.

Markets are also looking ahead the resumption of trade talks between China and the United States. (AFP)