By Yasin Ebrahim

Investing.com — The S&P 500 gave up some gains Tuesday, as global growth concerns continued to weigh on sentiment, while the rebound in tech lost some steam into the close a day ahead of fresh U.S. inflation data. 

They rose 0.1% and fell 0.4% (130 points), respectively. The rallied 0.9%.

Technology rallied after dip-buying activity returned. This was supported by falling Treasury yields.

Alphabet (NASDAQ) and Microsoft (NASDAQ) were the leaders in tech gains, with both of them rising over 1%. Facebook (NASDAQ;) and Apple(NASDAQ:) both surpassed the flatline. While Amazon (NASDAQ:) was flat. 

It fell below 3% a day ahead fresh U.S. Inflation data, which is likely to show a slowing in price pressures and could help boost stock investor sentiment.  

“Investors are looking for signs of a potential ‘peak’ in the inflationary pressures we have encountered over the last several months- and if they get a hint of anything close, the markets could be set to stage a strong rally in our view,” Janney Montgomery Scott said in a note.

Peloton Interactive (NASDAQ 🙂 trades 9% higher after the connected-equipment fitness company provided guidance that did not meet expectations. Intraday, the stock was down by more than 20% 

“Our Q4 outlook reflects softer demand vs. our February forecast,” Peloton said, adding that its subscription price hike had led to an increase in cancellations, but the impact was expected to be “modest.”

AMC Entertainment Inc (NYSE:) fell more than 6% even as the movie chain operator reported that beat on both the top and bottom lines as box office hits including “The Batman,” spurred a return to the big screen for moviegoers.

Biogen (NASDAQ:), a drugmaker that made progress in the approval process for its Alzheimer’s treatment lecanemab, saw its stock prices rise 4%.

Biogen and Eisai filed a rolling drug Biologics Licensing Application for Lecanemab. This could be, dependent on the results of a confirmatory clinical trial, allow the companies to submit for approval later in the year.

Novavax (NASDAQ:) Trade losses were cut to more than 1 percent higher, despite Wall Street reporting falling short.

While oil prices declined, energy stocks managed to ignore it as Shanghai tightened its lockdown. This continued to fuel fears of a drop in demand. “[T]he strict zero-Covid strategy in China is putting the brakes on oil demand there,” Commerzbank said in a note.