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Most U.S. stocks ended lower during Tuesday’s session after the Senate announced that it will delay its vote to repeal and replace the Obamacare. U.S. President Donald Trump has repeatedly campaigned to replace the Obamacare prior to fulfilling other campaign promises such as pro-business policies and tax reform. Tech and healthcare stocks were amongst the biggest losers as the vote delay continue to dampen hopes for lesser taxes paid by American businesses soon.

U.S Stocks

The Dow Jones Industrial Average lost 0.5% or 98.89 points on Tuesday before settling at 21,310.66 and has declined in five sessions out of six.

The S&P 500 also inched 0.81% lower and finished at 2,419.38. Despite this, the index has recently touched 24 new record highs and has rallied by 9% this year.  The S&P 500 has closed lower in four sessions for the past six trading sessions.

The Nasdaq Composite also declined by 1.61% or 100.53 points to end at 6,146.62 marking the second consecutive daily decline for the index.

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The losses incurred by the following indexes deepened further after the Congressional Budget Office announced that it is expecting the Senate Republican health bill to leave around 22 million people without insurance despite cutting $321 billion from the federal deficit. A number of Republican senators have also voiced out that they have no intention of supporting the current form of the bill and has doubted to whether it will be passed.

Most U.S. stocks have recovered generally due to the bright outlook given by the result of the presidential elections. However, lack of updates from the current administration has not helped most sectors withstand slight blows during the past few weeks. One example of which was the massive selloff in Apple shares due to a downgrade from Mizuho analysts about two weeks ago. Tech stocks then have become more susceptible to losses given the recent political and market events.

Tech Stocks

Tech stocks have declined the past week due to the massive selloff caused by the Apple downgrade. On Tuesday, tech stocks such as the Google-parent Alphabet lost more than 2% after reports showed that Google will be fined $2.7 billion by EU regulators due to the violations the company committed regarding antitrust rules. Other tech stocks, such as Facebook, Netflix, and Amazon had at least declined 1.5% during Tuesday’s market close.

Asian stocks also pared losses after tech stocks in the U.S. declined amidst worries that the European Central Bank would reduce monetary stimulus.

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