By Yasin Ebrahim

Investing.com – The S&P 500 snapped its record run after topping an unprecedented level Tuesday, as a retreat in tech offset a rebound in airline stocks.

The fell 0.1%, after hitting a record high intraday of 4,807.00. Nasdaq lost 0.6%, or 0.3%, after the Nasdaq gained 0.3%.

Airline stocks such as Southwest Airlines, United Airlines and Delta Air Lines rebounded after weakness. This was due to reports that Covid-related issues (including a labor shortage) had forced many airlines to cancel flights on the Christmas weekend.

Delta Air Lines said it expects to cancel more than 250 of 4,133 scheduled mainline and Delta connection flights on Tuesday.

Boeing (NYSE:), was also ascendant, rising about 1.5% following Indonesia’s lifting of its ban on the 737 MAX. After the Indonesian airline Lion Air crashed one of its jets, the MAX was forced to ground.

The biggest winners of the day were also sectors like utilities, which are defensive. 

The broader market’s retreat from record highs coincided with sluggish price action in big tech following several days of gains.

Microsoft (NASDAQ;), Google-parent Alphabet(NASDAQ:), Apple (NASDAQ 🙂 were among the worst performers, while Meta, previously known as Facebook (NASDAQ :), and Amazon were slightly higher.

Technology was also affected by the decline of chip stocks. This was accompanied by falls in Nvidia, Marvell Technology (NASDAQ) and Micron Technology.

Tesla (NASDAQ) meanwhile lost the majority of its intraday gains, despite Wall Street’s positive comments.

“Musk & Co. have navigated the chip supply shortages better than any automaker globally over the last six months, which is why Tesla is in a clear position of strength heading into 2022 with an inflection point year ahead,” Wedbush said in a note.

The economic outlook was bleak with the slowing of U.S. price growth for the third consecutive month.

The S&P/Case-Shiller 20-city home price index from 19.1% for the 12 months through September, a year earlier. 

In other news, Cryptocurrency-related stocks including Riot Blockchain (NASDAQ:NASDAQ:), Marathon Digital (NASDAQ:), Coinbase (NASDAQ:) Global, were on the backfoot after bitcoin fell below $50,000.