S&P 500 and Nasdaq 100 Break Down as US Dollar Strength Accelerates

US stock indices fell sharply on Tuesday as the S&P 500 and Nasdaq 100 broke below their consolidation ranges, with the Nasdaq 100 declining over 3%. The selloff was driven by weakness in semiconductor stocks that had powered the recent rally. Meanwhile, the US Dollar strengthened, clearing key resistance levels against the Swiss franc and other currencies. Upcoming earnings from Micron and the PCE report on Thursday are expected to keep markets under pressure.