Stocks dropped on Tuesday as chipmakers tumbled again. Oil climbed following renewed tensions between the U.S. and Iran, with the former revoking a sanctions waiver following Tehran's attacks against ships crossing through the Strait of Hormuz.
The S&P 500 dropped 0.45%, while the tech-heavy Nasdaq Composite underperformed, plummeting more than 1%. The Dow Jones Industrial Average fell 0.25% and dropped below the 53,000 mark, which hit for the first time ever on Monday.
