There was a pullback in tech shares on Wednesday, leading to a decline in stock indexes. The S&P 500 and Nasdaq Composite fell for the third consecutive session, with the S&P 500 sliding 0.5% and the Nasdaq dropping 1.2%. The Dow Jones Industrial Average also dropped 0.3%. Tech companies, including Microsoft, Alphabet, and Meta Platforms, as well as chip makers like Nvidia and Advanced Micro Devices, were among the worst performers. Investors and analysts considered it a technical adjustment rather than a reflection of any significant changes in business or economic fundamentals. Six out of 11 sectors in the S&P 500 ended the day higher, with health insurers performing well. Federal Reserve Chair Jerome Powell's testimony before a congressional committee influenced market moves. Powell reiterated the central bank's focus on returning inflation to its 2% target, indicating the likelihood of one or two more rate increases. U.S. Treasury yields initially climbed but fell after strong demand for 20-year Treasury bonds in an auction.