(CNBC) -- Stocks erased sharp gains on Wednesday as positive news on the trade front was not enough to fend off a decline in tech shares.
The Dow Jones Industrial Average traded 150 points lower, with Intel among the worst-performing stocks in the index. The S&P 500 pulled back 0.7 percent as tech fell 1 percent. The Nasdaq composite dropped 0.8 percent, as Amazon and Alphabet declined 1 percent and 0.8 percent, respectively. Declines in Facebook and Netflix also pushed the Nasdaq lower.