US stocks land in red as tech weighs

US stocks closed lower Tuesday, unable to maintain early gains as tech stocks dragged on sentiment.

The Dow Jones Industrial Average slid 68.06 points (0.51 percent) to finish at 13,203.58.

The S&P 500-stock index fell 4.96 points (0.35 percent) to 1,413.17, while the tech-rich Nasdaq dropped 8.95 (0.29 percent) to 3,067.26.

"Stocks gained initial ground amid optimism that the ECB may act to help lower the region's borrowing costs, but losses in tech weighed on the market," analysts at Wells Fargo Advisors said.

Investors also booked profits from recent market gains that had brought the main indices near multi-year highs and Apple to an all-time record, analysts said.

Shares in Best Buy, the struggling consumer electronics retailer, fell 1.4 percent on disappointing quarterly earnings and revenues, after losing 10.4 percent Monday.

Best Buy said it would not give further earnings guidance for its fiscal year; on Monday it named a turnaround specialist as chief executive, Hubert Joly.

Apple dropped 1.4 percent to $656.06, a day after closing at a record high and becoming the world's largest public company ever on speculation the iconic tech giant soon will release new versions of iPhone, iPad, and Apple TV devices.

Facebook dived 4.3 percent to $19.16 after Peter Thiel, who invested in the company first in 2004, sold off nearly 80 percent of his huge holding.

Tech titan Dell fell 1.8 percent ahead of its quarterly earnings report due after the closing bell.

US bond prices were mixed. The 10-year Treasury yield was nearly unchanged from Monday at 1.81 percent, while the 30-year fell to 2.91 percent from 2.93 percent. Bond yields move inversely to prices.

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