The FTSE MIB fell more than 1% to around 52,000 on Tuesday, retreating from record levels to hit a one-week low. Semiconductor firm STMicroelectronics led losses, sliding over 6% as it tracked a global tech sell-off, as worries mounted among investors that the technology sector’s recent surge may have run ahead of fundamentals, with scrutiny intensifying over artificial intelligence-driven spending and elevated equity valuations. Other notable laggards included several banks, such as UniCredit (-0.9%), Intesa Sanpaolo (-0.8%), Assicurazioni Generali (-0.9%), Banco BPM (-1%), and FinecoBank (-1.8%). Auto stocks also came under pressure, with Ferrari down 1% and Stellantis falling 3%. Increased Fed rate-hike bets also weighed on sentiment, while markets kept track of developments in US-Iran peace negotiations.