Technology and other growth stocks stumbled Tuesday, coming under pressure after a run that has pushed major indexes to repeated records.

The Nasdaq Composite Index dropped 261.61 points, or 1.9%, to 13633.50, stung by declines in shares of semiconductor companies, along with big tech stocks including Apple , Facebook and Alphabet . The S&P 500 slid 28 points, or 0.7%, to 4164.66. The Dow Jones Industrial Average eked out a slight increase after trading lower for most of the session, up 19.80 points, or 0.1%, to 34133.03.

The indexes have been hovering close to record levels as investors weigh strong economic data and robust corporate earnings against inflation concerns and rising coronavirus cases in parts of the world. Some money managers say brightening prospects for the economy and for businesses’ profits already have been baked into stocks’ valuations.

“The market has already priced in a strong recovery and earnings season over-delivered, but it was still not enough to drive indexes much higher,” said Sophie Chardon, cross-asset strategist at Lombard Odier. “The market is now focusing on the next steps, especially on policy. The next step will be to see how the Fed shifts its monetary policy outlook.”

The improving economic picture is encouraging some investors to step up bets on companies that stand to benefit the most from the recovery. That is leading to a rally in energy and banking stocks, while technology shares have slowed their gains.