'Fast Money' Recap: Tech Tumbles

NEW YORK (TheStreet) -- The markets were mixed Tuesday with weakening signs in the tech sector.

The Dow Jones Industrial Average rose 13.30, or 0.13%, to 9,881.26 while the S&P 500 dropped 3.53, or 0.337% to 1,063.41. The Nasdaq lost 25.76, or 1.20%, to 2,116.09.

Joe Terranova said on CNBC's "Fast Money" TV show that the market has lost momentum on a lot of the earnings reports and suffered a technical failure at 1,100 on the S&P. He said the latest blow to the market is the loss of its best sector: tech.

He said the smartphone trade is starting to unwind and the semiconductor stocks got beat up today.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Still, he said the market can regain its footing if the S&P can move up to 1070.

Tim Seymour said the consumer confidence data was disappointing, adding retail stocks got smacked as a result. He also said the uncertain fate of the one-time home-buying tax credit that is set to expire weighed on the markets.

Melissa Lee, the moderator of the show, noted a portion of the consumer confidence report that said people wanting to buy homes in the next six months had fallen to lows not seen since 1982.

Karen Finerman was a bit more optimistic about the tech sector, which she said has made quite a run in the past two months before hitting a bump. She also downplayed the consumer confidence number as a "soft piece of data that doesn't give us a whole lot of information."