BUSINESS BRIEFS

A drop in technology stocks pulled indexes lower Tuesday, erasing much of a powerful rally from the day before.

It was solid red in the technology sector. Chipmaker Nvidia sank 7.8 percent after reports that the company was suspending its tests of self-driving cars following a recent fatality involving an Uber vehicle. Twitter sank 12 percent and Facebook fell 5 percent.

Safe-play stocks like utilities rose. The market was coming off its best day in more than two years after a steep slide last week.

The S&P 500 index fell 45 points, or 1.7 percent, to 2,612. The Dow Jones industrial average gave up 344 points, or 1.4 percent, to 23,857. The Nasdaq composite lost 211 points, or 2.9 percent, to 7,008.

Uber gives up autonomous vehicle testing rights in California

Uber will not renew its permit to test autonomous vehicles on California public roads when it expires Saturday. And the company will have some explaining to do if it wants to get a new permit.

California’s Department of Motor Vehicles told the ride-hailing service in a letter Tuesday that it will lose testing privileges after Saturday. If Uber wants to return, it will need a new permit and has to address investigations into a fatal crash in Arizona last week.

On March 18 an autonomous Uber SUV struck and killed a pedestrian near Phoenix. Arizona’s governor suspended Uber’s self-driving privileges Monday.

Uber decided last week to suspend tests on public roads in California, Pennsylvania, Arizona and Ontario.

Heineken pulls beer commercial after racism complaints

Heineken has removed a commercial for its light beer after some complaints that it was racist. The ad featured a bartender sliding a bottle of Heineken light. The bottle passes several black people before it arrives to a lighter-skinned woman. The tag line: Sometimes lighter is better.

Hip-hop star Chance the Rapper on Sunday tweeted the commercial was “terribly racist.” He said he thought some companies were purposely “putting out noticeably racist ads so they can get more views.”

Heineken says while the ad was referencing Heineken Light, “we missed the mark.”

Waymo to buy 20,000 Jaguars for robotic ride-hailing service

Self-driving car spinoff Waymo will buy up to 20,000 electric vehicles from Jaguar Land Rover to help realize its vision for a robotic ride-hailing service. The commitment announced Tuesday marks another step in Waymo’s evolution from a secret project started in Google nine years ago to a spin-off that’s gearing up for an audacious attempt to reshape the transportation business.

The Jaguar deal will expand upon a fleet of self-driving cars that Waymo has been gradually building in partnership with Fiat Chrysler since 2015.

The minivans will be part of a ridehailing service that Waymo plans to launch in Phoenix later this year. If all goes well, Waymo expects to expand the service to other states.

Home prices post 6.2% annual gain in January

Home prices posted another big gain in January, pushed higher by a shortage of homes for sale.

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index climbed 6.2 percent in January from a year earlier. That nearly matches December’s 6.3 percent gain, which had been the fastest 12-month growth in almost three years. The January increase was in line with economists’ expectations.

— From wire reports