Big tech stocks sank on Tuesday. Super Micro, AMD fell 2.8% each; Palantir down 2.2%; Nvidia, Alphabet down around 1%.

Following back-to-back record closes, the S&P 500 edged lower on Tuesday. The gauge hovered near the most-overbought technical levels in a year, with Citigroup Inc. pointing to a notable increase in bullish flows that has raised profit-taking risks. Tesla Inc. sank about 6% after President Donald Trump threatened to withdraw government subsidies from Elon Musk’s companies and examine the billionaire’s immigration status.

“Federal Reserve interest rate policy is likely on hold for now,” said Josh Hirt at Vanguard. “If the labor market remains on the trajectory we expect, the Fed can afford to be patient. We anticipate the Fed will be able to make two more rate cuts later this year in this environment.”

Meantime, Senate Republican leaders continue to scrounge for votes to pass Trump’s $3.3 trillion tax and spending bill as intraparty fights threaten to upend the legislative centerpiece of the president’s domestic agenda. Treasury Secretary Scott Bessent predicted on Fox News that the Senate would approve the legislation by Tuesday afternoon.