U.S. equities fell on Tuesday, as a decline in Apple shares pushed the broader tech sector lower.
The Dow Jones industrial average closed 37.45 points lower at 24,754.75. The S&P 500 declined 0.3 percent to 2,681.47, with tech falling 0.5 percent. The tech-heavy Nasdaq composite slipped 0.4 percent to finish at 6,963.85. The major indexes also snapped a two-day winning streak.
Apple fell 1.1 percent after Nomura Instinet downgraded the tech giant's stock to neutral from buy. In a note, the analyst said: "The stock's gains for the iPhone X supercycle are in the late innings." Apple is one of the most popular stocks on Wall Street and Main Street and rarely gets negative opinions from the former.
Tech has been the best-performing sector this year, rising nearly 40 percent in 2017, so investors may be using the downgrade as a signal to take profits into year-end.
Investors were also taking a pause after bidding stocks up in anticipation of the tax overhaul.
House members voted to pass the tax bill on Tuesday. The Senate is also expected to pass the measure. The bill would cut the federal corporate tax rate to 21 percent from 35 percent. Wall Street has been betting on this cut all year, pushing stocks to record highs.