U.S. Stocks Close Lower Amid Decline in Tech Shares

U.S. stocks closed lower on Tuesday as investors tried to digest remarks from a senior official at the Federal Reserve regarding troubled banks while selling shares of technology-related companies that had performed strongly in recent trading. Michael Barr, the Fed's banking supervision official, told a Senate committee that Silicon Valley Bank had done a "terrible" job managing risks before its collapse. According to preliminary data, the S&P 500 index fell by 6.17 points or 0.16 percent to close at 3971.36 points, while the Nasdaq composite dropped 52.27 points or 0.44 percent to 11716.56 points. The Dow Jones Industrial Average also fell by 38.05 points or 0.12 percent to 32394.03 points.