Major stock markets in the United States closed lower on Tuesday after Fitch Ratings’s report showed the global shortage in semiconductors will cost car manufacturers as much as 5% of annual sales in lost output in 2021. President Joe Biden stated Washington “won’t let” China lead research and development of electric vehicles (EV). Earlier, it was reported housing starts in the country saw a monthly decline of 9.5%. The Dow Jones Industrial Average closed 0.78% or 267 points lower as Chevron Corporation shrank by 4.18%. The Nasdaq 100 went down by 0.72%, with T-Mobile US Inc. decreasing by 3.71%. The S&P 500 dropped by 0.85% as AT&T Inc. sank by 5.80%. Nick Note: Just a excuse for a retest of the recent lows,,,,,,,, Chips will not decide the course of the economy or corporate profits, Closed resorts, airlines, restaurants and retailers are not driven by this TEMPORARY SHORTAGE. Chips are used in NEW manufacturing….. and their are work arounds