S&P 500, Nasdaq fall as tech selling resumes

STORY: U.S. stocks closed mostly lower on Tuesday, though the blue-chip Dow bucked the trend with a slight gain, while the S&P 500 shed about a quarter of a percent and the Nasdaq dropped almost one percent.The VIX volatility index hit its highest level since April 7 during the session as stocks sold off.Jason Browne is president of Alexis Investment Partners."Its been a wild ride for stocks today. We opened actually positive. We had S&P 500 go up and touch its 20-day moving average and then immediately reverse. And so we have at the moment what looks like a key reversal day. In other words, we exceeded the prior day's highs and then we sold off and we actually exceeded the prior day's lows."Technology stocks resumed Friday's selloff following a bounce on Monday. The S&P 500 tech index fell more than 4% before paring losses. The Philadelphia Semiconductor Index dropped as much as 8.6% after rising 3% in early trading.:: SpaceXSpaceX's market debut on Friday could also be a hurdle for stocks as investors worry about possible overexuberance among high-growth tech stocks.:: ArchiveMeanwhile, President Donald Trump wrote in a social media post that Iran had shot down the U.S. Apache helicopter that was patrolling the Strait of Hormuz overnight.Trump vowed to respond, which added to doubts about prospects for a truce in the Middle East war.