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.